Short Seller Targets AQR Backer Over Tax-Loss Harvesting
The building that houses the headquarters of AQR Capital Management in Greenwich, Connecticut.
Photographer: Michael Nagle/BloombergA short seller is taking aim at the more than $1 trillion that’s invested in strategies that reduce taxes for the rich — putting one of the US’ most staid money managers in its crosshairs.
Orso Partners has amassed a bet against Affiliated Managers Group Inc., the $813 billion investment firm that backs Cliff Asness’ AQR Capital Management, according to a letter to investors seen by Bloomberg. AQR has been at the forefront of building out an ecosystem of trades — often called tax-aware long-short strategies — that has sprung up recently as Wall Street rushes to help wealthy Americans deal with taxable gains after years of rising markets.