Hedge Fund Achievement Asset To Shut Down After Energy Loss

(Reuters) Hedge fund Achievement Asset Management is shutting its doors after suffering losses on energy market bets this year, becoming the latest investment firm to return capital to clients in a year many managers have struggled to make money.

The Chicago-based firm, run by Joseph Scoby, plans to return $875 million to clients by the end of the year, according to published reports in Crain’s Chicago Business and the Wall Street Journal.

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