New York (HedgeCo.Net) – Greenwich-based Andor Capital Management will liquidate its $2 billion hedge fund after posting losses due to unfavorable market conditions, following in the footsteps of many failed hedge funds this year.
Co-founder Daniel Benton announced the decision in a letter to investors this week while outlining a liquidation to start in October.
"My desire to devote more time to my family and other interests runs counter to the obligations of a hedge-fund manager who must be immersed in the markets in order to meet client expectations," Benton said in the letter. He also stated that he will be retiring from managing outside capital after 24 years in the business.
In 2004, Andor made headlines when Benton split from Co-Founder Christopher James. At that time, Andor held over $6 billion in assets and was just starting to experience turbulence after a period of enviable returns.
Benton, having been a technology investor at Pequot, built up high stakes in energy and commodities companies. However, the volatility associated with these companies has not translated well for many hedge funds invested in those sectors.
The hedge fund will continue to invest throughout August and September.
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