QRT Closes After Wave Of Redemptions

Mar 16 2011 | 1:45pm ET

Hedge fund Quantitative Research & Trading has closed its doors after investors headed for them.

The New York-based firm, founded four years ago by Millennium Partners veteran Michael Aksman, was hit by a series of investor redemptions, HFMWeek reports. The firm, whose two hedge funds once managed as much as $130 million, could not survive the outflows, despite having joined the AlphaMetrix managed account platform in 2009.

Part of the problem, no doubt, was performance: QRT lost 8% last year, while the average hedge fund earned closer to 10%. The fund also underperformed in 2009, returning just 6.6% when the average hedge fund rose about 20%. But QRT did buck its peers in 2008, soaring 23.4% while the average hedge fund lost double-digits.

UPDATE: A source with knowledge of the matter said QRT had a small positive return in 2010 but the fund administrator applied fees and expenses from H1, when the fund was much larger, to the much smaller fund that existed at the end of the year, resulting in a huge negative relative contribution to annual return.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

FATCA for Hedge Funds: Eight Common Pitfalls

Sep 1 2015 | 10:56am ET

FATCA is now a way of life for those in the financial industry and most professionals...

 

Editor's Note