Shumway To Redeem $3B Client Capital

Shumway Capital Partners CIO, Chris Shumway, has agreed to redeem client capital after announcing his resignation.

Shumway Capital Partners CIO, Chris Shumway, has agreed to redeem client capital after announcing his resignation, Bloomberg reports. Investors demanded the redemption of $3 billion after knowing Shumway’s decision to step down.

The capital will be returned by March 31, 2011. Shumway will resign from the post of CIO but will continue to oversee the hedge fund as CEO and Chairman of the management committee.

Click here for the story from Bloomberg.