Lansdowne Partners is to shut its Global Financials Fund in light of market conditions that have hit bank stocks hard, with the fund's manager to retire after a decade at the $21 billion UK-based hedge fund group.
Marc Rubinstein has decided to retire following a challenging period for investors in bank shares which made achieving the target returns unsustainable, according to a person familiar with the matter, who added that Katie Flynn, a partner who has helped run the fund, is also retiring.
