REUTERS/Fred Prouser On Friday, Bloomberg’s Max Abelson reported that the hedge fund of famed financial crisis-era bank analyst Meredith Whitney was in trouble.
But, apparently things may be much worse than initially thought.
In a new report on Monday, Bloomberg’s Abelson reported that Whitney’s fund is down 11% through last month and that her office is now on the market.
Whitney’s American Revival Fund LP dropped during eight out of the last eleven months. And the three months that the fund was up, it was all less than 1%, Abelson reports.
This is during a year that has so far seen the S&P 500 rally 12%.
Whitney made a name for herself during the financial crisis when she correctly predicted that Citigroup would be forced to cut its dividend.
She also predicted hundreds of billions of dollars of municipal bond defaults in 2010 — but that never happened.
On Friday, Abelson reported that Whitney’s hedge fund lost 4.5%, following targeted returns of 12% to 17%.
The hedge fund’s CEO Brittani Caetano and SAC Capital veteran and co-founder Stephen Schwartz have left the firm. And, to make things worse, a fund connected to BlueCrest Capital is asking for its money back.
To get all the details, check out the full story on Bloomberg.