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Bailey McCann, Opalesque New York: Amsterdam-based CTA Istar Capital has ceased operations despite positive performance, according to information obtained by Opalesque. The systematic program was founded by Rudolph Shally and Thomas Artarit, and combined a trend following with a currency carry strategy. The fund aimed to be an absolute return vehicle by offering currency carry in the market cycles where trend following doesn't perform as well.
Before Istar, co-founder Rudolph Shally started his professional career in theoretical physics, then moved into financial services, where his work at Citibank showed him how trend following could be a winning strategy. He moved on to AIG where he met his co-founder, Thomas Artarit who was managing a multi-billion dollar FX/fixed income/commodity hybrid business based in Tokyo. The two men joined forces to create Istar.
IStar caught the attention of Dutch seeder IMQubator early on, and was the only fund the seeder allocated to in 2011. IMQubator initially invested $35 million and then increased to $45 million in 2013. The principals of the fund also invested $2 million of their own money at that time. Current AUM however, has fallen to approximately $21 million.
According to sources familiar with the matter, IMQubator which is backed by Dutch pension APG, is also ceasing operations. APG envisioned a five-year seeding project and decided not to continue at the end of that time. When the seeder redeemed its money from t...................... To view our full article Click here
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