The reasons are unclear, other than a down year. Shumway’s flagship equity vehicle, SCP Atlantic Fund, is down an estimated 3.55%.
Shumway’s fund, Shumway Capital, announced a restructuring today whereby former equities head Tom Wilcox will take over the role of CIO. Shumway is now CEO.
Investors have until December 3rd to redeem from the $9 billion fund.
Shumway wrote investors:
“Over the past year, I have spoken with many of you about my objective of creating an internal partnership and I firmly believe that we have created a structure that is appropriate for our people, culture and long-term success.
“It codifies what has been in place at Shumway Capital for the last several years and reflects a formal designation of leaders who have been instrumental in driving the success of the firm. I am confident that our partnership will help to maintain the continuity of leadership as it aligns the firm’s long term interests with those of its most senior leaders.”
Wilcox has only been a portfolio manager since 2009, so taking over the fund is huge for him. He was named managing director in 2005 and joined the firm in 2004. Prior to joining Shumway, Wilcox spent four years as an analyst at Gardner Lewis Asset Management and earlier in his career worked at Price Waterhouse. He received a BS from Boston College and an MBA from the University of Chicago Graduate School of Business.