Halcyon Exec. Forced Out, Fund Faces Large Redemptions

The vice chairman and chief investment officer of hedge fund Halcyon Asset Management has been forced out. The move reportedly follows major redemptions from institutional investors.

According to an investor letter dated Tuesday and obtained by The New York Post, Steve Mandis has left the firm, "effective immediately."

While the letter gave no reason for his departure, FINalternatives has learned that the subsidiary of the $12 billion hedge fund run by Mandis has been performing poorly and that some of the fund’s largest investors are pulling their money.