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London HF CEO Departs

Mar 07, 2013
Jing Chen

The CEO of London-based hedge fund Portman Square Capital has stepped down from his post after a big investor pulled out of the firm.

Reuters reported that Portman, founded by former Citigroup head of proprietary trading Sutesh Sharma, can no longer afford to keep Andrew Mack its budget dropped to $200 million from $500 million due to the redemption.

Mack, who stepped down this week after joining Portman in September, will remain at the firm as an advisor.

Portman was considered one of the largest hedge fund start-ups of 2012, and one of the most high-profile launches by proprietary desk traders who have left various firms to start their own funds due to the Volcker Rule.

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