Atticus hit hard by credit crunch | FT Alphaville

Atticus hit hard by credit crunch

Atticus Capital, one of New York’s most powerful hedge funds, has lost more than $5bn this year, denting its record as one of the world’s top performing money managers. The firm’s two flagship funds fell by a quarter and almost a third by end-August, marking some of the biggest losses in dollar terms ever recorded by a hedge fund. Atticus had about $14bn under management at the end of July, down from a peak of more than $20bn last year. The losses reflect growing difficulties for event-driven funds after last year’s surge of popularity and follow record annual gains by the Atticus European fund of 28%, 44% and 63% over the past three years, while Atticus Global has produced an annualised 17.5% for the past five years.