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Vinik to shut down hedge fund

May 4, 2013 at 1:29 PM   |   Comments

TAMP, Fla., May 4 (UPI) -- Jeff Vinik says he will close down the hedge fund he has operated for 16 years and focus on running the Tampa Bay Lightening hockey team.

In a letter to investors, the head of Vinik Asset Management said he would return his client's money and devote his time to his hockey team and his family.

Vinik began his hedge fund in Boston in 1996, The Boston Globe said Saturday.

He moved the business to Tampa in 2012, where he had purchased a house. At that point, it was suspected that Vinik had lost his passion for the investment business, the Globe said.

The firm has lost 4.8 percent of its value since July 2012, a period during which stock markets have soared.

The negative return was a far cry from the hedge fund's average return of 17 percent in the previous 15 years.

In his letter to investors, Vinik said "it is time for us to take a break," referring to himself and co-founder of the company Michael Gordon.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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