Hedge Fund Alert: Top Investment Professionals Exiting Soroban
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Two key stock analysts are on their way out of Eric Mandelblatt’s Soroban Capital, whose only hedge fund has been experiencing losses.
Asish Doshi’s plans are unknown, but Albert Satija will become a portfolio manager at Citadel later this year.
Their exits follow an 11% loss for Soroban’s $8 billion Soroban Opportunities Fund over the first five months of 2020, a showing that underperformed a 5% decline in the S&P 500 Index. But the vehicle gained 45% last year, beating a 29% rise that marked the S&P 500’s best return since 2013.
Soroban had elevated Doshi and Satija, along with Brent Greenfield and Mark Rogers, to work alongside Mandelblatt on its investment-leadership team in 2018. Those moves accompanied several changes at the New York firm that included the exit of co-founder Gaurav Kapadia.
The adjustments also saw the equity-focused Soroban shut down its oldest fund, a vehicle called Soroban Master Fund that maintained a more diversified portfolio than Soroban Opportunities Fund. Soroban Master Fund launched in 2010 and went on to generate an average annual return of 13%, roughly matching the S&P 500, according to Bloomberg.
Before shuttering Soroban Master Fund, Soroban had $11.1 billion under management.
Doshi joined Soroban in 2010 after stops at Blackstone and McKinsey & Co. Satija, who invests in the shares of technology, media and telecommunications companies, arrived in 2014. He previously worked at hedge fund firms Glenhill Capital and TPG Axon Capital.
Mandelblatt and Kapadia also previously worked at TPG Axon.
Since his exit from Soroban, Kapadia has been running a family office called XN. That operation began running a hedge fund with outside capital this April. It’s unknown if Mandelblatt is investing in the vehicle, as he said he would upon his separation from Kapadia.
Mandelblatt remains Soroban’s sole portfolio manager and head of the firm.
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