WSJ – Commerzbank AG has wound down its $1 billion (EUR720 million) fund of hedge funds management business, Comas, after abandoning a sale process run by Goldman Sachs. The bank has returned the assets to investors and let the team go, in another sign of the problems facing the fund of funds industry.
A source close to Comas said 85% of the assets had been returned to investors by the end of December, and a handful of operational staff had been left to facilitate return of the remaining assets over the next three months.
