Nobel-prize winning economist Robert Merton closed his latest hedge fund, IFL Continuum Fund, after three months because it failed to raise enough money. The fund hadcollected $30 million since the beginning of March to invest in credit securities.
IFL Continuum Fund was to be a unit of Merton’s Integrated Finance Ltd., which primarily advises clients on pension issues and corporate strategies. It also runs an $80 million emerging-market hedge fund started in October 2005.
