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Report: Vinik closes hedge fund

October 23, 2019 - Tampa Bay Lightning owner Jeff Vinik has decided to close Vinik Asset Management, a hedge fund he launched earlier this year, according to a report in the Wall Street Journal. Vinik, who was a star fund manager at Fidelity previously, expected to raise $3 billion for Vinik Asset Management, but a March regulatory filing, the most recent available, showed he raised $465 million. The Journal said that was up to $550 million currently. “It has been much harder to raise money over the last several months than I anticipated," Vinik wrote in a letter to investors quoted by the Journal.  “What I learned after probably 75 meetings is, the hedge-fund industry of 2019 is very different than the hedge-fund industry when I started in 1996, and it’s even very different from the hedge-fund industry when I closed in 2013.”

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