Hagerty to exit hedge fund in early 2019
Hagert’s firm, Hagerts Associates, is exiting the hedge fund industry in early 2021, according to people familiar with the decision.
The firm, which had a $7.9 billion market cap at the end of March, will focus on its global healthcare business, according the people, who were not authorized to speak publicly on the matter.
The company will no longer be involved in healthcare-related businesses, the people said.
HagerT’s exit comes less than a year after it exited the fund industry altogether.
A spokesperson for the company declined to comment.
Hagers, the biggest healthcare company in the world, has been the subject of multiple investigations by regulators and other governments.
The hedge fund’s investments in companies that make drugs and medical devices have come under scrutiny as a result of several reports that raised questions about its investments.
The Wall Street Journal reported last month that Hager’s investments included shares in two pharmaceutical companies and a medical device company that are being investigated by regulators, as well as a health care company that was accused of violating the Sherman Antitrust Act.
In March, the Federal Trade Commission announced a civil penalty against Hager in connection with a case involving a hedge fund.
It has also sued Hager over a report that Hagers shares had been purchased in 2018, when it was the subject or the defendant of a $2 billion trade.