McCormack's 'Tiger' hedge fund to shutter
Tiger Consumer Management, the nearly 15-year-old hedge fund firm led by Patrick McCormack and with close ties to Julian Robertson 's Tiger Management, is shutting down at the end of March.
"Managing a fundamentally driven, long/short equity hedge fund is rewarding but demanding work. I have decided after nearly 15 years of doing so, at this stage of my life, I would like to spend more time with my family," McCormack said in a letter to investors Wednesday. "The decision to wind-down is one of the most difficult I have faced, but I have given it considerable thought and believe now is the best time to do so, particularly given a strong start to the year."
Reached for comment at his New York office, McCormack told CNBC, "I do not speak to the press but I appreciate your interest." A spokesman for Tiger Management, Fraser Seitel, declined to comment.
Tiger Consumer managed approximately $2.2 billion as of Dec. 31, 2013, the date of its last public filing. McCormack was given start-up capital in 2000 by hedge fund mogul Robertson as one of his many so-called Tiger seeds.
The fund wasn't losing money this year: it was up 3.9 percent this year through February, according to the letter.
Other prominent Robertson seeds since he started in 2000 include Tiger Global, Tiger Asia and Tiger Ratan.
The news was first reported by Bloomberg.
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With reporting from CNBC's Kate Kelly.
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