Veteran Trader Loses Investor, Closes a Fund
Yesterday, Mr. Niederhoffer wouldn't comment. The move to close Matador was reported by the New Yorker.
An Octane spokeswoman wouldn't comment, citing the firm's policy.
In recent years, Mr. Niederhoffer, 63 years old, had staged something of a comeback, relying on a trading style that generally bets on rising markets and quick trades and is characterized by wild swings. Last year, for example, he saw the Matador Fund, based in Weston, Conn., lose 30% of its assets early in the year, but stage a rebound to finish with gains by year's end.
The turndown was sudden. As recently as Aug. 26, Mr. Niederhoffer, who earlier this year managed almost $300 million, said Matador was stable, despite traders' speculation that losses were heavy and investors were fleeing. "We have accomplished what we intended to do in connection with recent [withdrawal] requests and have an ample surplus in all respects," he said in an email at the time.
Even though he has had years in which he generated gains of more than 50%, Mr. Niederhoffer last year acknowledged that if his firm suffered another big setback he might not have the opportunity for a comeback. "I have this one more chance, I know I won't get another," he said in an interview last year.
Mr. Niederhoffer, known for quirks such as wearing colorful pants and keeping the thermostat in his trading room set so high that his traders dripped sweat over their computer terminals, continues to manage money for himself, his family and his friends, according to a person close to the matter.
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