Fund Of Funds Eddington To Close

Aug 16 2010 | 7:27am ET

Eddington Capital is closing its doors after watching its assets under management dwindle by more than half over the past two years.

The seven-year-old London fund of hedge funds shop will liquidate its funds and return assets to investors. The firm’s assets under management have fallen to US$115 million from their peak of US$265 million in 2008, a year in which its Macro Opportunities fund rose 22%—while the average hedge fund lost a similar amount.

“The funds have been losing assets gradually over the last 24 months,” CEO Glenn Baggley told Reuters. “They’ve reached a level that can no longer be sustained.”

Eddington is a joint venture of the hedge fund’s management and Caledonia Investments.

All three of Eddington’s funds of funds are listed on the Irish Stock Exchange.

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