New York (HedgeCo.Net) – Dow Jones reports that London-based hedge fund Occitan Capital Partners will shut down due to 2 years of poor returns. The hedge fund was backed by asset managers Nomura and Boussard & Gavaudan. US hedge funds are reportedly taking advantage of failing UK hedge funds to grab their pick of the region’s traders.
“2012 was a tough year for macro and volatility-based strategies. As a consequence, early this year Occitan’s founders decided to enter a process to proactively return capital to investors and treat them all fairly. Most of the money has now been returned and the business will shut down in the next few months.” WSJ reported, citing a source familiar with the situation.
The fund lost 2% in it’s startup year, then dropped 14% in the first 3 quarters of 2012, investors say.
In March 2013, Bloomberg reported that U.S. hedge funds Pine River Capital Management LP, Millennium Management LLC and SAC Capital Advisors LLC, which manage a combined $46 billion, have hired employees from hedge funds started by former European bankers, according to regulatory records and people with knowledge of the matter. They joined from firms including Edoma Partners LLP, Occitan Capital Partners LLP and Portman Square Capital LLP, London hedge funds that have either shut down, posted losses or failed to meet their fundraising goals.
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