20/04/2011 Author: Elana Margulies

JAI Capital Management set to close after two years

JAI Capital Management, the global opportunistic long/short hedge fund manager started by veterans of Soros Fund Management and Credit Suisse, is closing down nearly two years after it was formed, HFMWeek has learned.

The firm launched the JAI Capital Partners fund and its offshore version in June 2009. According to reports, it was expected to roll out with $50m-$150m, with investors choosing from four share classes.

JAI was founded by Soros veteran Michael Takata and Michael Ryan, a former head of both global equities and fixed income at Credit Suisse.

While at Soros, Takata managed equities from 2006-2008. Previously, he worked at Pequot Capital and also co-founded Ulysses Management and managed a global long/short portfolio at Odyssey Investment Partners.

Prior to Credit Suisse, Ryan spent 18 years at Goldman Sachs where he ran equity capital markets in Hong Kong and Tokyo from 1999-2001. In addition, he co-headed the global equity derivatives business from 2001-2003 and co-headed the global equity products group from 2003 to 2007.