Julian Robertson and his Tiger Management are famous for producing a slew of highly successful hedge fund managers. More recently though, the famed investment family has been in the news for firms shutting down, including Cascabel Management earlier this week and at least six others over the last three years.
While that number may appear high, a closer examination of the varied reasons for each fund shutting down—including Tiger Consumer Management for personal reasons, TigerShark Management for performance and Tiger Asia Management for legal issues—and broader context of other successful seeds suggest that the Tiger bloodline remains strong despite some stumbles.
"Yes, a few people have left the business, but it's no trend. People have been predicting the downfall of Tiger for years. That's a bad bet to make," said Bill Richards, a former senior hedge fund relationship manager at UBS who has worked with Robertson and the Tiger family of funds since 1983.