Jesse J. Redmond From Komfie Manalo, Opalesque Asia:
Montecito, California-based hedge fund house Evolved Alpha, LLC announced it would close the firm and has already returned investorï¿½s capital. Evolved Alpha provides transparent, liquid and secure access to specialized alpha-return strategies trading liquid financial instruments.
In an emailed statement, Jesse J. Redmond, Founder and Co-Portfolio Manager at Evolved Alpha, said that the firm was finalizing details before winding up the four strategies: Specialized Strategies, Total Return, Global Equities and Global Futures.
"Closing Evolved Alpha was not a reflection on the strategy or managers. It was a business decision," Redmond stated.
Evolved Alpha was launched two years ago with the support of a core group of investors. The firmï¿½s assets under management doubled since, but its investors base remained concentrated.
According to the Opalesque Emerging Managers database, Evolved Alphaï¿½s Specialized Strategies fund was down 0.44% in February 2012 (-0.24% YTD).
"In 2011, Specialized Strategies outperformed the HFRX Global Hedge Fund Index by 7% with 0.13 correlation. Outperformance drove additions from existing investors, but the lack of compelling absolute returns made it difficult to attract new investors. This c......................
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