Vinik To Return All Capital From Hedge Fund, Focus On Lightning, Charity
Lightning Owner JEFF VINIK on Friday said that he will return all capital in his Vinik Asset Management hedge fund to outside investors by the end of June so he can “focus his energy on the Lightning hockey team and his charitable foundation," according to Jeff Harrington of the TAMPA BAY TIMES. Lightning officials said that the decision is “not expected to impact management of the Lightning" or the Tampa Bay Times Forum. Lightning execs added that the decision “frees up Vinik to give more attention not just to the hockey team and charity but also to his real estate ventures.” Vinik’s net worth is “estimated at about" $500M (TAMPA BAY TIMES, 5/4). Vinik in a letter to investors wrote, "The last 10 months have been more difficult ... following our restructuring." The WALL STREET JOURNAL’s Juliet Chung noted as part of the restructuring, Vinik “took on a more managerial role, including deciding how much money his employees should manage, and added a new investment team.” Vinik also “moved the firm from Boston to Tampa.” Investors in April had asked for about $1.5B in withdrawals as the firm's "performance and restructuring created unease in some quarters that Mr. Vinik had lost focus" (WALL STREET JOURNAL, 5/4). In Boston, Beth Healy noted Vinik “closed his hedge fund once before, in 2000, when he returned" $4.2B to clients. Vinik “mainly managed his own money for a few years, but later reopened quietly and slowly expanded.” He “continues to hold a small stake in the Red Sox as well” (BOSTON GLOBE, 5/5).