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Alternative Market Briefing

Cornut to liquidate $500m hedge fund, Camares Capital

Friday, October 07, 2016

Komfie Manalo, Opalesque Asia:

Former Deutsche Bank trader Antoine Cornut has revealed plans to liquidate his $500m London-based hedge fund that was backed by Saba Capital and Reservoir Capital, the Chicago Tribune reported, citing people with knowledge on the matter.

The report said that Cornut has started the process of returning money to investors in Camares Capital, the hedge fund he founded in 2013, with the backing of Boaz Weinstein, founder and manager of Saba Capital and Dan Stern, president of Reservoir Capital.

Cornut has worked for Weinstein at Deutsche Bank and left the bank in 2012 after working there for almost five years where he was in charge of flow-credit trading in the Americas and Europe. Two former Deutsche Bank employees, Askin Aziz and Julien Marie, joined Cornut at Camares Capital as partners.

The move by Cornut to shut down his fund comes at a time when the hedge fund industry is beset by poor returns, rising cost of regulatory compliance and difficulty in raising new capital.

Information released by Singapore-based data provider Eurekahedge showed more hedge funds are shutting down than launching since 2015. At least 530 hedge funds have closed shop in Asia since 2015 comp......................

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