It’s lights out for FrontPoint Partners. The hedge fund giant, which has been slowly collapsing under the weight of an insider-trading scandal, is losing its last money maker, Stephen Czech, The NY Post has learned.
Czech plans to set up his own shop, Czech Asset Management, next month, just to the north of FrontPoint’s current digs, sources said. Expected to go with him are about a dozen employees and the $1.1 billion direct-lending fund he helped FrontPoint launch earlier this year.
That would leave FrontPoint, which managed $6.5 billion last year, with no assets and just a handful of employees, sources said.
Hedge fund FrontPoint Partners is on the verge of closing up shop after an insider-trading scandal triggered an exodus of clients and employees, including high-profile hedgie Steve Eisman in June.
Things are so dire the firm has been auctioning off the furniture, said a person with knowledge of the situation. Dan Waters, FrontPoint’s co-CEO, didn’t return a request for comment.
Czech’s departure caps off a long line of fund managers to jump ship,…
Read more: http://www.nypost.com/p/news/business/frontpoint_endgame_xgSlXftc8LYnObO1VPu0sM#ixzz1hIHgqzrL
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