Clarium’s Amazing Chess Player Is Leaving Peter Thiel To Start A New Hedge Fund
Courtney Comstock
Nov. 29, 2010, 3:58 PM

Clarium’s Patrick Wolff is spinning out of the fund to form his own hedge fund, Grand Master Capital.

The fact that Wolff, a former general manager at the firm, is leaving underscores another bad year for Clarium, a fund which sprung out of the gate with amazing (+57.4%) returns but then began performing terribly.

This year alone Thiel has seen investors leave and his returns head into the double-digit negatives.

We’ve heard from an investor that most of the money in Clarium right now is Thiel’s, so the fund shouldn’t be damaged by the loss of a star manager like other hedge funds have been when star portfolio managers leave.

And the move must be amicable, because Clarium’s founding manager, Peter Thiel, will seed the fund with $50 million.

Wolff’s personal returns are a mystery at this point, but if his ability to play chess says anything about his investing skills (and he’s expecting it to – his new fund, Grand Master Capital, is named for Wolff’s title as a chess champion and international grand master), get ready to be amazed.

Source: http://www.businessinsider.com

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