A Fidelity Vet Closes His Hedge Fund
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Wednesday, June 3, 2009

A Fidelity Vet Closes His Hedge Fund

Former Peter Lynch protege George Noble, 51, will close his $550 million Gryfalcon hedge fund. The WSJ has details on his "disappointing" 2009 that saw the fund drop half of its asset base. Noble left Fidelity in 1991 to jump into the hedge fund business to launch Teton Partners. He closed that fund in 1996 after a period of weak performance. It appears that he is prepared to repeat the cycle at least one more time and that he will raise money from investors for a third fund with a rethought investment strategy.

Meanwhile, back at Fidelity, Thomas Tesauro has taken the post of executive vice president and will run the Boston Behemoth's prime brokerage business. Tesaury comes from S3 Partners and is expected to leverage the uncertainty surrounding many existing prime brokers to grow Fidelity's market share.

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