Timothy R. Barakett: Atticus Capital

In 2009, Timothy R. Barakett’s decided to reduce Atticus Capital’s operations by closing two of its funds. After receiving less than 5% of redemptions from investors, Timothy R. Barakett, the founder of Atticus Global, decided to close down Atticus Global, Ltd. and Atticus Global, LP. Barakett established Atticus with $6 million and expanded it to about $20 billion in assets under management in 2007. He returned $3 billion to his investors, and in a letter to his investors he explained his decision:

‘I have used the market’s current strength to start liquidating a significant amount of our holdings. We currently expect that the portfolio will be completely liquidated by September 30th and that we will be able to return approximately 95% of your capital in early October. The remaining investor capital will be returned after the final audit is completed, which should be later this year.

My decision is entirely a personal one. After fifteen years of being exclusively focused on building and managing Atticus, I believe it is time to evaluate my future. I fully intend to spend more time with my family, pursue my philanthropic activities and establish a family office to manage my own capital and charitable foundation.’

The Atticus management company will continue and its European fund will remain active. Timothy R. Barakett will pass on the management role to partner David Slager.

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