Jeff Vinik’s hedge fund firm Vinik Asset Management is shutting down.
Vinik told investors Friday in a letter obtained by Bloomberg that the decision to return external capital was prompted by his plans to focus on his charitable foundation and the Tampa Bay Lightning, the professional hockey team he owns.
Vinik Asset’s closure follows an earlier eVestment article which reported that the Tampa-based firm received about $1.5 billion—or about 18% of the firm’s total AuM--in redemption requests from investors after a period of poor performance.
A former manager of Fidelity’s Magellan Fund, the largest actively-managed mutual fund in the U.S., Vinik launched Vinik Asset after leaving Fidelity in 1996. Vinik Asset currently has about $8 billion in AuM.