It’s splitsville in hedge-fund land.
Whitney Tilson and his longtime partner at T2 Partners Management, Glenn Tongue, are parting ways after the second-worst monthly performance ever for the firm.
Tilson — an outspoken hedge-fund manager and regular TV talking head — said he will spend more time running money and less time talking about it.
“I will adopt a much lower public profile and let my investment returns speak for themselves,” he said in a letter yesterday.
Tilson will continue to run the firm and its three primary hedge funds, while Tongue will start a new investment firm, Deerhaven Capital Management.
T2 Partners fell 13.6 percent in May but was still up 8.5 percent for the year at that time, according to Value Walk. As of March 30, T2 ran only $333.4 million, according to a regulatory filing.
Tongue declined to talk, deferring to Tilson. “He’s the public voice of the firm, so I’m going to let him comment on these things,” he said. Tilson did not return a call for comment.