Jeff Talpins's Hedge Fund Element to Give Back $4 Billion to Clients [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
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Source: BNN Bloomberg
The cash return represents about two-thirds of Element's external capital and is part of its plan to become a hybrid investment firm operating as a hedge fund and family office, according to a person with knowledge of the matter. Talpins will be adding $500 million to his own capital invested in the hedge fund. The return of cash, to be completed by the end of this month, will leave the firm with roughly $5 billion in assets almost evenly split between external and internal capital, the person said, asking not to be identified because the details are private. A representative for New York-based Element, which communicated the decision to clients on Monday, declined to comment. The firm currently manages about $8.5 billion. Element's move comes after three years of annual losses, including a 10% decline last year. The hedge fund rose 6.7% during the first quarter, beating an average 5.4% gain in macro peers tracked by Bloomberg. Read More: Downsizing Element Capital Aims to Ru
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