Akron Beacon Journal – One partner is a former star college tennis player who managed money for an investment bank.<\/p>\n
The other, the son of a well-known banker, has an MBA and worked on Wall Street.<\/p>\n
Over the past decade, John Mangan Jr. and Hugh McColl III used their investing skills and connections to create one of Charlotte’s largest hedge funds.<\/p>\n
But in recent months, Mangan & McColl Partners LLC has run into difficult times. In December, Mangan reached a settlement with regulators over charges of improper trading at his previous firm. The hedge fund also had one of its worse performance years in 2005.<\/p>\n
After reaching more than $1.24 billion in assets in 2004, the firm fell to about $461 million at the end of 2005, according to a securities filings this week.<\/p>\n
A hedge fund’s assets can slip because of bad investments, but investor withdrawals are a more likely reason for such a large drop, said James Cox, a professor of corporate and securities law at Duke University’s law school.<\/p>\n
“They could be deserting for greener pastures,” he said.<\/p>\n
Both Mangan and McColl declined to comment for this story.<\/p>\n