Pequot Capital Management’s $267 million Scout Fund will be spun out of the company, confirmed Jonathan Gasthalter, a Pequot spokesman.
The fund is the third to be spun out of the company.
Mark Broach, managing director and portfolio manager of the Scout Fund, will lead the new firm that reportedly will be called Manatuck Hill Partners. Mr. Broach did not return a call and his spokesman, Trip Kyle, said he did not have specific information to share.
On Wednesday, Pequot CEO Arthur J. Samberg told investors that he will close the firm and that Pequot’s Matawin and Special Opportunities hedge funds will be moved into separate companies, managed by former Pequot teams.
