Sunday, 25 September 2016
Last updated 1 day ago
Feb 16 2011 | 9:02am ET
Christian Siva-Jothy is closing his London-based SemperMacro Fund due to “poor performance.”
Bloomberg, citing a letter Siva-Jothy sent to the fund’s clients, says the former co-head of proprietary currency trading at Goldman Sachs Group will return money to investors.
The fund is down 2.3% for the year, having lost 8.7% in 2010 and 27% in 2009, according to the letter. Siva-Jothy has liquidated all the fund’s positions bar one option trade.
“In this business you are only as good as your last few trades,” Siva-Jothy wrote. “Mine have not been very good. Whether I have lost my edge or simply need a break after 23 years I am not sure, but I certainly hope it is the latter.” Siva-Jothy said in the letter he misjudged financial data and the impact the Fed’s efforts to jumpstart the U.S. economy would have on world markets.
The fund, which bets on currencies and equity markets, managed almost $200 million when Siva-Jothy decided to close it, Stefan Pollmann, a partner at the firm, told Bloomberg.