From Precy Dumlao, Opalesque Asia – Hedge funds Kleinheinz Capital Partners Inc., and Corriente Advisors have respectively sent letters to their investors to inform them of their decision to close shop and return their money, media reports indicated.
In a report by Bloomberg, the Fort Worth, Texas-based Kleinheiniz Capital which was founded by John Kleinheinz, said the hedge fund was about 65% "through the process" of liquidating its position and will return investors’ money because of declining profits.
Kleinheiz told investors in his letter, "I am not enjoying running the fund as much as I used to. Managing a fund like ours requires me to do a lot of things that make me a less effective investor."
The Bloomberg report, citing data from Hedge Fund Research showed that at least 424 hedge funds shut down across the globe in the first half of 2012, 14% higher than the previous year. Late last month, it was reported that OMG Capital was closing down and will return all money to investors after its assets fell to $230m as at end October. At its peak, OMG’s assets reached $930m.
Separately, Corriente, founded by Mark Hart, admitte......................
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