New York (HedgeCo.net) – As the casualties mount in the hedge fund industry, yet another fund has announced that is closing up shop. Achievement Asset Management announced that it will return investor money and that makes the fund closure one of the largest so far this year. At one point Achievement had over $2 billion in assets under management, but at the end of October the fund was down to approximately $900 million after losing 7% through the first ten months of the year.

One of the main reasons for the poor performance from the fund was a big bet on debt issued from energy companies. The trade itself was a crowded one heading in to 2015 as the debt had declined sharply as the price of crude fell. Many hedge fund managers thought the debt would bounce back this year, but as crude prices have remained suppressed, the rally that many were counting on never materialized.

Achievement was founded by former UBS executive Joseph Scooby and in an article from eFinancialNews Scooby was quoted as saying that he didn’t want to “run a laboratory with investors’ money.”

Rick Pendergraft
Research Analyst
HedgeCoVest