The collapse of Peloton Partners back in February elicited just a twinge of pleasure from quite a few in the City. There were all the bankers, jealous of Ron Beller’s hedge fund success, and there were all the hedge funds, pleased that even the Goldmanati get margin calls from aggressive repo desks.
Alas, another Goldman-alum led structured finance fund has come-a-cropper. This time at the hands of Steven Mandis, COO at Halcyon – one of New York’s oldest hedge fund operators. Mandis, like Beller, was something of the celebrity-hedgie. Reports the New York Post:
Mandis, 38, a protégé of former Treasury Secretary and Goldman partner Robert Rubin, bolted Goldman for Halcyon in 2004. At the time, Mandis was seen as a rising star in both the hedge-fund world and in New York’s social circles.
Mandis and his wife, Alexandra, a Greek shipping heiress, are staples of Manhattan’s social scene and formidable charity fundraisers.
Mandis ran two of Halcyon’s structured finance funds. Both of which have seen massive redemptions and huge falls in value. Unlike Peloton, they’re still standing. Mandis, not so much.
It’s not confirmed, but the Post says the partners at Halcyon have voted to oust him.