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......................
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