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"We have recently not delivered the results that you expect of
us and what we know we are capable of," Jason Karp, who has been
running Tourbillon for six years, wrote to clients in a letter
seen by Reuters.
He said he plans to spend his time focusing on private and
public companies within the health and wellness industry.
At its peak, Tourbillon managed roughly $3 billion in assets and
Karp was named one of the hedge fund industry's rising stars in
2012 after stints as co-chief investment officer at hedge fund
Carlson Capital and as director of research and portfolio
manager at SAC's CR Intrinsic Investors Group. It currently
manages over $1 billion.
A spokesman declined to comment.
Last week, Boston-based hedge fund Highfields Capital, which
oversees roughly $12 billion, announced to clients that it would
be shutting down. Criterion Capital also said last week that it
would be shutting down, the Wall Street Journal reported last
week.
Two years ago, Karp spoke for many hedge fund managers when he
said the industry, once largely united in its dislike for Donald
Trump, now felt fund managers could benefit from the new
administration and make more money by judging companies on their
earnings.
Now he said he plans to keep investing in the stock market but
in "radically different and unconstrained manner." Fueled by a
deeply personal interest in the health and wellness sector
rooted in his own experience with autoimmune diseases in his
early 20s, Karp said he would spend most of his time on this
sector. In part he plans to grow Hu Kitchen, a food products
company and restaurant his family launched six years ago.
(Reporting by Svea Herbst-Bayliss; Editing by David Gregorio)
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