BlueMountain Shutters Credit Crisis Fund

Feb 5 2010 | 1:03pm ET

BlueMountain Capital Management has wound down the distressed debt hedge fund it launched to take advantage of the credit crisis.

The New York-based firm has liquidated the $100 million fund after less than a year, returning money to investors last month. Many have chosen to reinvest that money—there’s 34% more of it since the fund’s debut last March—in BlueMountain’s other credit funds.

“We’ve captured most of the big opportunity,” co-founder Stephen Siderow told Bloomberg News. “It isn’t going to happen again anytime soon and that’s why we urged our clients to move on.”

New York-based BlueMountain has some $4 billion in assets under management.

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