Thu, May 26, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Plural Investments to close in September as founder needs more flexible mandate

Thursday, August 23, 2012

From Komfie Manalo, Opalesque Asia – Another hedge fund bites the dust. On Thursday, New York-based hedge fund Plural Investments, which was founded by former SAC Capital’s CR Intrinsic division chief executive officer Matt Grossman, said it would close shop by the end of September.

According to a report from Reuters, Grossman, who founded the firm in 2008, told investors in a letter, "Going forward, I believe we are close to a tipping point with respect to the effectiveness of government intervention in the economy as well as investor preference for fixed income over equities. These trends have been building, and while the outcome is uncertain, I have concluded that I would like to have a significantly more flexible investment mandate than the one we have pursued since the launch of the funds."

As at end July this year, the $440m fund was up +4.5%.

Grossman also told his investors that he wanted to spend more time with his wife and three sons.

Plural is the second hedge fund to announce its closure this week. On Wednesday, we reported that Montecito, California-based fund manager Evolved Alpha would close the firm and that it had already returned investors capital.

"Closing Evolved Alpha was not a reflection on the strategy or managers......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Paul Tudor’s hedge fund trims fee amidst poor performance, keep investors[more]

    Komfie Manalo, Opalesque Asia: Paul Tudor’s $11.6bn hedge fund firm Tudor Investment Corp. announced on Monday it would slash down fees of one of its biggest fund to 2.25% of assets and 25% of profits amidst backlash arising from poor performa

  2. Ares Capital to buy American Capital in $3.4 billion deal[more]

    From PIOnline.com: Ares Management's business development company Ares Capital Corp. is buying troubled BDC American Capital for $3.43 billion, said a joint news release by the BDCs and another release by Ares Management. Ares Capital Corp.'s assets are expected to grow to about $13.2 billion when t

  3. Performance - Hedge fund ETFs take a battering, Have long-short credit funds delivered?[more]

    Hedge fund ETFs take a battering From ETFStrategy.co.uk: It was a blow for the hedge fund world when Hillary Clinton’s son-in-law Marc Mezvinsky announced he would be closing his Greek-focused fund after it plummeted in value by 90%, just two years after it launched. For passive investor

  4. Launches - Man Group and American Beacon launch new emerging debt fund, Nikko AM launches new Japan equity UCITS fund[more]

    Man Group and American Beacon launch new emerging debt fund American Beacon Advisors, an experienced provider of investment advisory services to institutional and retail markets, launched the American Beacon GLG Total Return Fund today. The Fund became effective May 20. The America

  5. Emerging markets hedge funds perform strongly, but capital base erodes[more]

    Komfie Manalo, Opalesque Asia: Latin American Emerging Markets and Russian hedge funds lead industry gains in the first months of 2016, posting strong performances through April as global and EM equity, commodity and currency markets surged in recent weeks following steep losses to begin the year