On Tuesday, two big Boston hedge fund managers, Jimmy Pallotta of Raptor Capital Management and George Noble of Noble Partners, announced the decision to wind down their flagship strategies.
At the same time, both managers expressed frustration with the hedge fund industry’s focus on short-term performance – particularly over the last 18 months, when the markets crushed managers who didn’t trade rapidly – and said they would come back with newly engineered investment strategies.
Spokesmen for both firms declined to comment.
Raptor, a global long/short equity strategy which at its peak managed some $7 billion, lost about 20% in 2008 and spun...