SBD/November 12, 2012/Finance

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  • FSG Chair John Henry's Financial Firm To Cease Money Management Business

    Boca Raton, Fla.-based trading firm John W. Henry & Co., controlled by Fenway Sports Group Chair John Henry, “told clients it will stop managing their money at year-end amid dwindling assets and slumping returns," according to Gregory Zuckerman of the WALL STREET JOURNAL. Henry in an e-mail wrote that the company, which “managed more than $2.5 billion in 2006, today oversees less than $100 million.” Henry: "We have been returning assets to investors with a desire to exit the client business by year end." Zuckerman noted John W. Henry & Co. "scored big gains earlier in its existence," helping FSG buy the Red Sox. But Henry “hasn't had a hands-on role at the trading firm in recent years” (WALL STREET JOURNAL, 11/10). Henry in an e-mail wrote the firm’s decline has “caused a number of potential investors to call” about whether he would sell the Red Sox. In Boston, Beth Healy reported Henry has “rebuffed such a notion.” Henry: “My answer has been that I’m not interested in selling any portion of my ownership. While others within the partnership have sold all or portions of their stakes over the past 11 years, my percentage of ownership has increased. I have no interest in reducing that. If anything I expect it to increase over time.” Red Sox Chair Tom Werner on Friday said, “I know that John doesn’t have any intention to sell either the Fenway Sports Group, or any portion of his shares" (BOSTON GLOBE, 11/10).

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