Expo Capital Management founder Paul Sinclair is returning $458 million managed by his Los Angeles-based hedge fund, telling Bloomberg that the turmoil surrounding the European sovereign debt crisis has left him “physically and mentally exhausted.”
Mr. Sinclair’s Expo Health Sciences Fund lost about 8.7 percent last year, and was down 6 percent this year through May. Mr. Sinclair isn’t the only hedge fund manager to take to bed in recent months:
Billionaire energy trader John Arnold, former Morgan Stanley co-president Zoe Cruz, and Duke Buchan III are among managers who have shuttered hedge funds in the past year as Europe’s sovereign-debt crisis has roiled global markets.
At least three hedge funds run by former Moore Capital Management LLC traders have shuttered in the past seven months after losing client money. They are Salute Capital Management, run by Lev Mikheev, Avesta Capital Advisors LLC, founded by William Tung and Tim Leslie’s JCAM Global fund.
As for Mr. Sinclair, he told investors that he intends to spend the summer sleeping and relaxing. He may even take up a hobby!