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Gruss Capital Is Winding Down Hedge Funds After 18 Years

(Bloomberg) Gruss Capital Management, a hedge fund that traces its roots to pioneers of corporate merger bets, is closing after almost two decades as it struggles to make money, according to people familiar with the matter. The New York-based firm told investors earlier this month that it will wind down its funds, said the people, who asked not to be identified because the business is private. Gruss Capital managed $1.5 billion, including borrowed money, at the end of last year, according to a regulatory filing. Chief Investment Officer Sean Dany declined to comment.

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