McCormack’s Tiger Consumer Hedge Fund To Shut Down

Patrick McCormack-led hedge fund Tiger Consumer Management is shutting down after 15 years, and will return virtually all investor money by the end of March.

The hedge fund’s holdings of U.S. equities slid to $1.39 billion at the end of December from about $2 billion in the prior quarter.

2014 – The worst year for hedge fund closures since 2009

Patrick McCormack started New York-based Tiger Consumer after working for industry pioneer Julian Robertson’s Tiger Management, which closed in 2000. Tiger Consumer was among the first funds that the billionaire Robertson seeded after shutting down.

In a letter to investors, McCormack indicated that Tiger Consumer was up 4.6% in February and 3.9% in...