John Henry’s Firm To Cease Managing Client’s Assets Amid Losses
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BOSTON (CBS) — John Henry’s trading firm will no longer manage client money after 2012, The Wall Street Journal reported Friday.
The report says that Henry’s firm, John W. Henry & Co., had more than $2.5 billion in assets as recently as six years ago but that figure has dropped to less than $100 million.
“The firm has been small since 2007 and once assets fell below $100 million this year the company became too small to sustain itself,” Henry said, according to the report. “We have been returning assets to investors with a desire to exit the client business by year end.”
Reports have surfaced in the past few months that Henry could perhaps be looking to sell the Boston Red Sox, though it’s unclear if this news will have any potential impact on that endeavor.