Oscar Schafer’s O.S.S. Capital Management to Shut Down (WSJ)
After more than 40 years as a noted stock-picker and market commentator, Oscar Schafer plans to close down his hedge fund in the next six months, investors said. The decision came as the fund, O.S.S. Capital Management, struggled to recoup steep losses from 2008. By the end of August 2011, the firm’s assets under management had dwindled to about $500 million from a peak of almost $2.5 billion, according to investors. O.S.S.’s wind-down will cap an investment career that spanned four decades. Mr. Schafer, 72 years old, has won plaudits for his timely stock investments and the market views he espoused as a regular contributor to Barron’s long-running Roundtable series. He began his career in 1970, when he went to work as an analyst for hedge-fund pioneer Michael Steinhardt.
Man Group Profit Falls (Bloomberg)