Richard T McGuire III

Activist hedge fund Marcato Capital Management, backed by Blackstone Group and billionaire William Ackman, is shut down in December 2019 as assets shriveled after two years of poor returns. Richard McGuire, the firm’s founder and portfolio manager, began telling investors of his decision to return outside capital and expects to send the money back quickly because the remaining portfolio is now largely in cash. At its peak, Marcato managed roughly $3 billion in assets. McGuire was the first former partner to leave Ackman, followed by Scott Ferguson, Roy Katzovicz and Paul Hilal, who have all set up their own firms. McGuire over the years pressed companies ranging from DineEquity, now Dine Brands Global, which runs fast food restaurant Applebees, Bank of New York Mellon, auction house Sotheby’s, to footwear company Deckers Outdoor Corp for changes and won a fiercely contested proxy contest at Buffalo Wild Wings. McGuire expects to keep managing his own capital and could in the future partner with others on investments