Evanston Redeploys After Exiting Element (HFAlert) By pulling its money from Element Capital, fund-of-funds operator Evanston Capital removed the largest position in its portfolio – and a significant contributor to its returns in recent years. Evanston was among several investors to submit redemption notices after Element founder Jeffrey Talpins said in July that he planned to double the performance fees for accounts representing most of the firm’s assets under management, to 40%. Talpins’ goal: To reduce his New York global-macro shop’s $18 billion asset base by 20%. Now comes word that the Element Capital Master Fund accounted for 9.2% of the assets held by Evanston’s flagship Weatherlow Fund 1 in July, or some $300 million. That position was fully redeemed at yearend.