Hedge fund manager Michael Karsch is shutting down his 13-year-old firm, Karsch Capital Management.
Karsch will be returning client capital from his US$1.8 billion hedge-fund firm, as the wealth manager looks ahead to the next stage in his career.
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Karsch plans to return 95% of client assets in New York-based Karsch Capital Management by 30 September 2013 and the remainder 5% would be returned in January after the fund’s audit.
Karsch said: "It is time for me to take a step back, reflect on my experiences and begin to think about the next chapter of my career."
Karsch Capital’s main fund returned 6.1% this year through 23 August 2013. The firm, which manages about US$1.3 billion in stock hedge funds, has outperformed the Standard & Poor’s 500 Index by 100% points with its main fund.
A long-only fund, which manages about US$500 million, returned 16%. Since its inception in 2006, that fund has returned 94%, compared with 55% for the S&P 500 (SPX).
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By GlobalDataKarsch founded his firm in 2000, after stints as a managing director at Soros Fund Management and an investment role at Chieftain Capital Management. He started his career as an investment banking analyst at Wasserstein Perella & Co.
