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Komfie Manalo, Opalesque Asia:

Minnesota-based Pine River Capital Management, the $15bn hedge fund firm founded by Brian Taylor, is soft closes its $4.5bn multi-strategy Pine River Fund as it shuns new money because of "challenging environment" for the industry.

In a report, the Financial Times said Pine River joins an expanding list of hedge funds that are returning money to investors or closing their funds to new money.

Since early this year, Pine River has already hinted it was struggling with its performance as it returned 1.4% at the start of 2014 after generating 10% in profits in 2013. Pine River has discussed the soft close in calls with investors as the hedge fund industry is facing a challenging environment.

Some of the largest and most profitable hedge funds, including DE Shaw, Baupost and Appaloosa have closed their funds to new investors in the past years on concern they might not be able to find sufficient or big enough trades that will ensure huge profits that are expected by their investors.

In January this year, Pine River hired James Lee from Barclays Plc to help it buy assets from bank......................

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