MSNBC- Global Advisors, a London and New York-based hedge fund manager specialising in commodities, has shut down two of its three funds and is considering a merger after poor performance saw investors lose confidence.
GA is shutting its $60m (£29.6m) Global Advisors Commodity Investment fund (GACI) after it dropped 8 per cent amid the market turmoil last month to leave it down 12.9 per cent for the year. It is also closing an index-plus fund that had failed to get off the ground last year.
Rus Newton, co-principal of GA, said: “We took a bit of a hit after Hurricane Katrina in August 2005 and never really recovered investor momentum.”
