Passport Capital is a $3.8 billion hedge fund that is managed by John Burbank. It seems that Burbank’s hedge fund has run into some hard times in 2011 and after a dismal year it has been forced to layoff 14 of its employees.
According to BusinessWeek:
Passport’s dismissals include seven employees on the investment staff, said the people, who asked not to be identified because the information is private. Passport, which slumped 18 percent in 2011, gained 3.7 percent this year through February, the people said.
This once high-flying hedge fund was founded by Burbank in the year 2000. For a while it had a very good run, but now, not so much. In 2011, this multi-strategy hedge fund experienced a traumatic 18% draw-down.