Clarium’s Amazing Chess Player Is Leaving Peter Thiel To Start A New Hedge Fund
Courtney Comstock
Nov. 29, 2010, 3:58 PM
Clarium’s Patrick Wolff is spinning out of the fund to form his own hedge fund, Grand Master Capital.
The fact that Wolff, a former general manager at the firm, is leaving underscores another bad year for Clarium, a fund which sprung out of the gate with amazing (+57.4%) returns but then began performing terribly.
This year alone Thiel has seen investors leave and his returns head into the double-digit negatives.
We’ve heard from an investor that most of the money in Clarium right now is Thiel’s, so the fund shouldn’t be damaged by the loss of a star manager like other hedge funds have been when star portfolio managers leave.
And the move must be amicable, because Clarium’s founding manager, Peter Thiel, will seed the fund with $50 million.
Wolff’s personal returns are a mystery at this point, but if his ability to play chess says anything about his investing skills (and he’s expecting it to – his new fund, Grand Master Capital, is named for Wolff’s title as a chess champion and international grand master), get ready to be amazed.
Source: http://www.businessinsider.com
It is now November 30th in the time zone where I live, so let’s have a little quiz here in comments: A well-known GM who can look back at an illustrious career, and who is still active in tournaments, is passing a milestone today, birthday-wise. Who is it?
We’ll see.
Good! I need to borrow a few $Billion!
This item by Susan is the correct answer to the quiz, so she’s the winner. Congrats, Susan! Happy birthday, Magnus!