U.S. Markets

Tiger-backed hedge fund firm Tyrian to close, source says

NEW YORK (Reuters) - Tyrian Investments LP, the stock-focused hedge fund manager backed by Julian Robertson’s Tiger Management LLC, is shutting down, according to a person familiar with the situation.

New York-based Tyrian was founded in January 2010 by Orlando Muyshondt with so-called “seed” capital from Tiger, which is famous for backing promising hedge fund managers. Muyshondt did not immediately respond to a request for comment. Tiger declined to comment.

Tyrian managed $535.4 million in so-called regulatory assets as measured by the Securities and Exchange Commission at Dec. 31, 2015, according to a public disclosure. Such filings can exaggerate the actual capital managed because of leverage and other factors.

Its $259.5 million in publicly disclosed stock holdings included GCP Applied Technologies GCP.N, CoreLogic Inc CLGX.N and Howard Hughes Corp HHC.N as of Sept. 30.

The shutdown was first reported by financial news website ValueWalk.

Editing by Bernadette Baum and Jeffrey Benkoe