Former Goldman Sachs exec Steve Mandis has left the $12 billion hedge fund Halcyon Asset Management – one of the oldest hedge funds on Wall Street, according to an investor letter.
Mandis was vice chairman and chief investment officer at Halcyon Structured Asset Management LP, a lending subsidiary of Halcyon that he helped co-found about four years ago with about $1 billion in capital.
According to an investor letter issued Tuesday and obtained by The Post, Mandis’ departure is “effective immediately,” and the firm expects to announce a succession plan “as soon as possible.”
Although the official reason for Mandis’ departure could not be learned, people familiar with the matter said his lending subsidiary had been performing poorly and was drawing the ire of some of the firm’s biggest institutional investors.
Mandis could not be reached for comment, and a spokesman for Halcyon was unavailable.
The resignation comes as Halcyon prepares to go public sometime this quarter.
Before joining Halycon, Mandis worked in Goldman Sachs’ principal investment area and M&A group. He calls former Treasury Secretary and Citigroup Vice Chairman Robert Rubin a friend from their days together at Goldman.