Saturday, 28 November 2015
Last updated 1 day ago
Dec 17 2009 | 9:08am ET
The first art hedge fund has become the latest hedge fund to close its doors.
Artistic Investment Advisers plans to liquidate the £10.2 million Art Trading Fund this month, the Financial Times reports. The two-and-a-half-year-old fund launched to great fanfare in the summer of 2007, boasting advertising kingpin and contemporary art collector Charles Saatchi as an adviser and targeting 30% annual returns. It is unclear whether its strategy of buying middle-market artworks while shorting securities that its managers believed had close correlation with the art market actually produced anything like those returns.
It’s certainly not alone among art hedge funds closing their doors. Fine Art Wealth Management said the number of art hedge funds has dropped by about 60%, from more than 50 to about 20.
A meeting of AIA’s creditors is scheduled for next month.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…