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Tiger Cub and firm founder Andreas Halvorsen tells investors the decision was based on differences over how the firm is run.
Andreas Halvorsen (Photo: Matthew Staver/Bloomberg)</P>Jim Parsons, a portfolio manager and management committee member of Viking Global Investors, is leaving the firm, according to a letter sent to investors yesterday by founder Andreas Halvorsen.
Nine-year Viking veteran Parsons' decision to leave is due to differences he had with Halvorsen regarding the direction of the long/short equity shop. "We never like losing a team member, and when a respected partner cites differences in how we choose to operate the firm as one of his reasons for leaving, we pause and reflect," said Tiger Cub Halvorsen in the letter.
Parsons managed about 15% of Viking's exposure across the technology, media and telecommunications sector and financial and business service industries. Viking managed $13.47 billion in hedge fund assets as of January 1, according to the AR Billion Dollar Club.
"My willingness to drive initiatives and push for change, and my high sense of urgency has sometimes led to misses with Vikings despite my best intentions," wrote Halvorsen. That, combined with a role that "increasingly pulled him in different directions as Viking grew in complexity, detracted from the aspects of the job [Parsons] enjoyed the most," he wrote.
Parsons, who graduated from Harvard Business School in 2003, did not immediately respond to requests for comment. Viking declined to comment.
The move comes during a period of strong performance and growth. Viking's firmwide assets have increased to $13.47 billion at the start of this year from $12.26 billion a year earlier and $11.8 billion in 2010. Viking Global Equities III was up 2.33% as of February 17, according to an HSBC report; the fund gained 7.69% in 2011. The firm decided in October to close its flagship fund to new investments (effective February) because its increasing size was impacting...