What will become of Owen Li of Canarsie CapitalSubscribe
Scrolling though bussines insider , this nice piece of news caught my eye:
"Hedge fund manager Owen Li sent a letter to his investors apologizing for losing all but $200,000 of the fund's capital by acting "overzealously," CNBC's Lawrence Delevingne reports.
Li, who previously worked at convicted insider trader Raj Rajaratnam's now-closed Galleon Group, is the founder of New York-based Canarsie Capital. According to CNBC, Canarsie once managed around $100 million in assets.
In the letter, Li told investors that he was "truly sorry."
"My only hope is that you understand that I acted in an attempt — however misguided — to generate higher returns for the fund and its investors," Li wrote in the letter. "But even so, I acted overzealously, causing you devastating losses for which there is no excuse.""
As a person with limited knowledge about the hedge fund industry, I'm curious to know what will be the career/life impact of this kind of downfall for the HF manager. It seems that a HFmanager with USD 100m assets under management, who loses it all, will suffer substantial consequences (career wise), but what exactly are they? How will this play out for him?