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Eoin Murray By Beverly Chandler, Opalesque London:

In a sad sign of the times, the Callanish Global Macro Fund from Callanish Capital Partners, led by ex-Old Mutual team, Eoin Murray, as chief executive officer, and Kristy Barr, as head of investor relations, and seeded by IMQubator has closed its doors.

The fund started trading in 2010 with seed money of $35m from IMQubator. In a statement from Callanish, the firm put the closure down to the difficult market conditions which had seen their returns fluctuate, saying: "Despite our ongoing belief in the long-term viability and success of our business, the currently fractious economic climate is presenting performance, and subsequent asset raising, challenges and our limited resources are insufficient to allow us to continue".

Statistics within the Opalesque Emerging Manager’s database showed that the fund had dwindled to Euros 23.4m ($28.83m) and had endured a maximum drawdown of 15.87%, with the last two years showing losses of 6.17% for 2011 and 7.37% for the year to May in 2012.

A spokesman for IMQubator said: "“Ultimately, this was a decision made by Callanish’s partners, including IMQubator. The preceding four years have been incredibly testing. We wish the principles the ver......................

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