Almost immediately after top performer Gavin Wilson (left) announced his retirement from RAB Capital, the fund has been forced to consider de-listing after 4 years of being a public hedge fund.Wilson was part of the two man team that earned 42.9% returns in the $250 million RAB Energy fund last year (as of December 22, 2010), the best hedge fund returns on HSBC’s ranking at the time.
The fund was up 46% for 2010, and 86% in 2009, according to the Financial Times.
Now that he will be gone, says Citywire UK –
Shares in RAB Capital have plunged 24% after the company issued a gloomy warning to investors claiming its days as a lsted company are numbered.
Redemptions are flooding the firm, according to the Financial Times. After peaking at $7 billion 2007, the fund was down to $1 billion in the beginning of the year. And now –
Investors pulled $370m from RAB’s flagship $470m Special Situations fund last month when a three-year moratorium on withdrawals finally expired.
What’s next? If it’s anything like what happened when the top portfolio managers left Gartmore, an acquisition is coming soon.