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Jeff Vinik offers fee cuts to help bring in cash for new fund

NEW YORK (Reuters) – Prominent U.S. investor Jeffrey Vinik is promising potential clients a cut in fees and said that it had been tougher to raise money than he initially thought, as he prepares to relaunch Vinik Asset Management after six years on the sidelines.

Vinik, who once ran Fidelity’s Magellan mutual fund and then oversaw $ 10 billion at his own hedge fund, had hoped to raise as much as $ 3 billion in the hedge fund relaunch.

But with only a few days to go before his planned March 1 launch, Vinik is both tempering expectations and trying to drum up support quickly so that he has as much cash as possible to put to work.

“We will offer investors a 50-basis po…
Reuters: Wealth

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