10/06/2010

Macklowe Forsakes Hedge Funds for Fashion

Retail- and consumer-stock portfolio manager Julie Macklowe is getting out of the hedge fund business.

Macklowe, who ran Macklowe Asset Management, closed the New York operation last week in order to pursue business opportunities in the fashion industry. Specifically, she plans to start a fashion-related company and make seed investments in other fashion businesses.

Macklowe's firm was a unit of Israel "Izzy" Englander's Millennium Management. In early 2008, Englander staked Macklowe with $250 million, and Millennium remained her firm's only client.

Macklowe's move apparently wasn't prompted by performance issues, as she had posted decent returns. At the end, Macklowe had $250 million under management - the same amount she started with.

She began telling key staffers about her plans several months ago in order to give them time to line up new jobs.

Before joining Millennium, Macklowe ran a retail- and consumer-stock portfolio for Sigma Capital, a unit of Steve Cohen's SAC Capital. In all, she spent about nine years as a hedge fund portfolio manager. Before that, she worked in private equity and venture capital at J.P. Morgan.

Fashion has long been of keen interest to Macklowe, the daughter-in-law of real estate magnate Harry Macklowe. She recently appeared on Vogue.com's best-dressed list.

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