May 3 Hedge-fund manager Jeffrey Vinik plans to
close Vinik Asset Management after poor performance that
coincided with several changes at the firm, the Wall Street
Journal reported on Friday.
Vinik plans to return several billion dollars to outside
investors at the end of June, the newspaper reported. ()
Vinik, who also owns the Tampa Bay Lightning hockey team,
rose to prominence at the helm of Fidelity Investments' Magellan
fund in the 1990s.
"After a great deal of consideration, we have made the
difficult decision to return our investors' funds," the
newspaper quoted Vinik as saying in a letter to investors on
Some of the investment staff of the hedge fund, which
largely bets on and against stocks, will start separate firms,
the newspaper reported.