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THE hedge fund chaired by Nathaniel Rothschild has seen billions of pounds wiped off its value after underestimating the global economic slowdown.
Mr Rothschild, who is embroiled in a public row with George Osborne, the shadow chancellor, is co-chairman of Atticus Capital, a New York fund.
Atticus has been forced to issue a frank apology to some of its wealthy investors after their investments almost halved in value in less than a year.
Atticus's European fund has fallen by 43.5 per cent during 2008, the fund manager said in a private letter to clients earlier this month.
David Slager, the Atticus executive who runs its European portfolio, told investors: "I regret and am intensely disappointed by this performance."
In a letter dated Oct 3, he said the European fund had dropped by 15.8 per cent in September alone.