Ex-Magellan Chief Vinik Takes Time for Relaxation
August 1, 2005
Jeffery Vinik may have left the spotlight to strike out on his own - but he isn't out of the money.
Vinik, former chief of Fidelity Investments's flagship Magellan mutual fund, has been running a hedge fund since leaving Fidelity in 1996.
In November of that year, Vinik traded in one of the most sought-after jobs on Wall Street for a more relaxed lifestyle, to oversee the assets of friends, family and associates, according to a July 25 Wall Street Journal report.
Despite the low-key transfer, the 46-year-old Vinik still manages about $1 billion at his own Boston-based firm, Vinik Asset Management LP. Despite the secretiveness of the Wild, Wild West of the hedge fund world, rivals continue to scrutinize his picks.
Lately, Vinik has been on one of the better streaks of his career, even in a year in which most mutual funds and hedge funds are finding it difficult to scratch out gains.
The gains come after some impressive runs for some of his biggest holdings; for instance, Vinik has proven that, despite leaving a high-visibility job, you can still lead the way to personal and financial success.
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