According to a confidential source, the firm had as much as 400M AUM, however its trading record was anything but dismal, losing money almost every month since inception. Most investors withdrew money immediately after 1-year lockup period, and now the firm has less than tenth of AUM they started with. The staff count has been decimated as well.
In addition I was told that the firm has spent prodigally on top quality feeds, colo, hardware, and other infrastructure, but that IP belongs not to the hedge fund, but rather to the technology affiliate MANA Tech llc.
As recently as April, Institutional Investor profiled Mr Narang in most glowing terms, ranking him #1 in their Trading Technology 40 list.
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