A top partner at York Capital Management is leaving to launch his own hedge-fund firm in the second half of this year, according to letters reviewed by The Wall Street Journal.
York veteran Michael Weinberger, who oversees billions in U.S. stock investments for the New York hedge-fund firm, will stay on at York through the end of January, spend time with his family and then gear up to launch his own fund, according to a letter by Weinberger that was distributed Monday.
York founder James Dinan and chief investment officer Daniel Schwartz will be investing in Weinberger’s new fund, the letter said.
“Creating and running my own business has been a lifelong dream and the time is right to pursue this next phase of my career,” Weinberger wrote, calling his decision to leave York “difficult.”
The 40-year-old Mr. Weinberger joined York almost 16 years ago when the firm managed $600 million with a handful of people out of New York, according to his letter. The firm now has nearly $23 billion in assets under management and offices across the world.
An expanded version of this report appears on WSJ.com.
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View more information: https://www.marketwatch.com/story/york-capital-partner-michael-weinberger-to-start-his-own-hedge-fund-firm-2016-01-04