Facing more than $1 billion in redemptions and its worst yearly performance ever, HBK Investments has reorganized its management structure, naming longtime partner Larry Lebowitz as chairman. David Haley was named president. Both are new positions. In an e-mail sent to investors on November 6, HBK said it was taking these steps after "analyzing carefully the cause of our underperformance." According to an individual who received the e-mail, HBK said it was up 3% year-to-date, which it considered "unsatisfactory on both a relative and absolute basis."
The 16-year-old Dallas hedge fund, which managed $14 billion on July 1,