January 23, 2019 / 12:55 PM / a year ago

UPDATE 2-Einhorn's Greenlight Capital up 11 pct in year to date - source

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Jan 23 (Reuters) - Hedge fund manager David Einhorn’s Greenlight Capital, which had its worst year in 2018, is up 11 percent so far this year and will soon be open to take in new cash, a source familiar with the matter said on Wednesday.

Einhorn told investors about his plans at the firm's annual investor day on Tuesday at the Museum of Natural History in New York.

Greenlight's main fund lost 34 percent last year, while the average stock-oriented hedge fund lost about 7 percent, according to Hedge Fund Research data.

Investors pulled money out last year and Greenlight began 2019 with roughly $2.5 billion in assets. The fund, which had been closed to new investors for years, now plans to take in new capital, the source said.

There will be no marketing campaign, however, and potential investors would need to contact Greenlight to get into the fund.

Hedge funds suffered their worst quarterly outflows reut.rs/2HnWazE in two years during the last quarter of 2018 when investors pulled $23 billion from the industry, data showed on Friday. (Reporting by Svea Herbst-Bayliss; Editing by Bernadette Baum)

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