BlueBay’s $1.4 billion hedge fund closure exposes ‘key man’ risk

Reuters – BlueBay, one of Europe’s biggest asset managers, will shut a $1.4 billion (1 billion pound) hedge fund in an unexpected move as fund manager Neil Phillips is leaving.

The decision by the $66 billion money manager, a unit of Royal Bank of Canada (RY.TO), is the latest example of the “key man” risk investors face even at big investment firms when a fund manager leaves.

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