Passport shakes up team | AR: Absolute Return - Alpha

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Passport shakes up team

March 27, 2012 Lawrence Delevingne John Burbanks firm announced a slew of promotions and hires in Januaryonly to fire 14 in March. John Burbanks $3.8 billion Passport Capital is realigning its staff after its flagship long/short Global Fund fell 18.7% in 2011. News emerged on March 20 that the San Francisco firm had fired 14. We made the difficult decision to do some downsizing of staff last week, reducing to approximately the headcount we had at the beginning of 2011, Passport said in a statement. We thank those employees who are no longer with us for their service and wish them the best. We look forward to continuing to serve our clients with the excellent team we have in place. Passport had announced eight new employees and three senior promotions in its yearend letter on January 30, and the firm now employs 76 people, including 34 investment staff.

John Burbank

According to the letter, longtime chief financial officer Joanne Cormican was promoted to chief operating officer; Liz Mahon is the new chief financial officer. John Moran, director of business operations since 2008, was named president, a new role. And Arshad Ashraf was promoted to portfolio manager for the Middle East North Africa region. The announced new hires were: Modassir Choudhry (healthcare group portfolio manager); Jeff Landry (director of credit research); Geoff Karren (analyst for the internet and technology group); Donald Brown (quantitative analyst for the mortgage group); Yousef Alyousefi (analyst for the Middle East and North Africa group); Julie Kim (associate legal counsel); Lauren Buxbaum (head of human resources and administration); and Chris Coble (investor relations associate). The $1.8 billion flagship long/short equity Global Fund was on its way back from big financial crisis loses with gains of 19.3% in 2009 and 18.2% in 2010 before last years losses. Despite its performance, the firm has managed to hold on to the majority of its pre-crisis assets, falling to $3.8 billion as of February 29, from a midyear peak of $5.1 billion in July 2008. Last year, Passport recognized net inflows of $226 million to the Global Fund and $241 million for the whole firm, according to a yearend letter to investors. Passport now operates various funds across four strategies: global long short, energy, basic materials and mortgage backed securities. The firm liquidated a $46 million Agriculture fund at the end of 2011 following a drop of about 20% through the third quarter after earning 10.28% in 2009 and 7.4% in 2010, according to an

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Passport shakes up team | AR: Absolute Return - Alpha

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COPYING AND DISTRIBUTING ARE PROHIBITED WITHOUT PERMISSION OF THE PUBLISHER. IF YOU WOULD LIKE A REPRINT OF THIS ARTICLE OR YOU WOULD LIKE TO PURCHASE DISTRIBUTION RIGHTS, PLEASE CONTACT MATTHEW COLBECK AT +1 (212) 224-3568.

Passport shakes up team

March 27, 2012 Lawrence Delevingne John Burbanks firm announced a slew of promotions and hires in Januaryonly to fire 14 in March. John Burbanks $3.8 billion Passport Capital is realigning its staff after its flagship long/short Global Fund fell 18.7% in 2011. News emerged on March 20 that the San Francisco firm had fired 14. We made the difficult decision to do some downsizing of staff last week, reducing to approximately the headcount we had at the beginning of 2011, Passport said in a statement. We thank those employees who are no longer with us for their service and wish them the best. We look forward to continuing to serve our clients with the excellent team we have in place. Passport had announced eight new employees and three senior promotions in its yearend letter on January 30, and the firm now employs 76 people, including 34 investment staff.

John Burbank

According to the letter, longtime chief financial officer Joanne Cormican was promoted to chief operating officer; Liz Mahon is the new chief financial officer. John Moran, director of business operations since 2008, was named president, a new role. And Arshad Ashraf was promoted to portfolio manager for the Middle East North Africa region. The announced new hires were: Modassir Choudhry (healthcare group portfolio manager); Jeff Landry (director of credit research); Geoff Karren (analyst for the internet and technology group); Donald Brown (quantitative analyst for the mortgage group); Yousef Alyousefi (analyst for the Middle East and North Africa group); Julie Kim (associate legal counsel); Lauren Buxbaum (head of human resources and administration); and Chris Coble (investor relations associate). The $1.8 billion flagship long/short equity Global Fund was on its way back from big financial crisis loses with gains of 19.3% in 2009 and 18.2% in 2010 before last years losses. Despite its performance, the firm has managed to hold on to the majority of its pre-crisis assets, falling to $3.8 billion as of February 29, from a midyear peak of $5.1 billion in July 2008. Last year, Passport recognized net inflows of $226 million to the Global Fund and $241 million for the whole firm, according to a yearend letter to investors. Passport now operates various funds across four strategies: global long short, energy, basic materials and mortgage backed securities. The firm liquidated a $46 million Agriculture fund at the end of 2011 following a drop of about 20% through the third quarter after earning 10.28% in 2009 and 7.4% in 2010, according to an

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Passport shakes up team | AR: Absolute Return - Alpha

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investor. The strategy, which had managed more than $100 million, was led since inception in March 2009 by Ejnar Knudsen, who has since left the firm but remains a consultant to Passport. He did not respond to requests for comment. Jim Cunningham, long Burbank's top lieutenant, co-managed the agriculture fund but remains with the firm. See also: Passport falls short

ALL MATERIAL SUBJECT TO STRICTLY ENFORCED COPYRIGHT LAWS. 2012 EUROMONEY INSTITUTIONAL INVESTOR PLC.
ISSN: 2151-1845 / AR2012CDC02 / 2067928

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Passport shakes up team | AR: Absolute Return - Alpha

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investor. The strategy, which had managed more than $100 million, was led since inception in March 2009 by Ejnar Knudsen, who has since left the firm but remains a consultant to Passport. He did not respond to requests for comment. Jim Cunningham, long Burbank's top lieutenant, co-managed the agriculture fund but remains with the firm. See also: Passport falls short

ALL MATERIAL SUBJECT TO STRICTLY ENFORCED COPYRIGHT LAWS. 2012 EUROMONEY INSTITUTIONAL INVESTOR PLC.
ISSN: 2151-1845 / AR2012CDC02 / 2067928

http://www.absolutereturn-alpha.com/Article/3001681/Passport-shakes-up-team.html?... 28/03/2012