Clareville Capital is playing musical managers in an effort to get the fledgling fund back on its feet. Since launching in February, the London-based long/short global equity fund has been seeing red – down 17.4%, according to Hedge Fund Manager. So Clareville has been doing a little shuffling, with Andrew Hanson, formerly in charge of its flagship Pegasus Fund, shacking up with David Yarrow to run the Shackleton Fund. In addition, Matthew Donner, newly arrived from Deutsche Bank, will take care of all trading, and, according to HFM, founder Yarrow will be helming Shackleton “on an opportunistic basis across global equity markets” – but with some changes. “Being invested in illiquid, emerging market stocks at a time of global economic uncertainty was always going to be painful,” Hanson told HFM. “However the severity of the fallout was exacerbated by not cutting positions quickly enough.” So, now the fund has a U.K. bias and fewer stocks to watch, with portfolios reduced from 53 to 27 so that “the portfolio is focused towards stocks the managers know well,” said Hanson. “This will leave little room for taking part in IPOs.”