7x7 To Welcome New Investors As Assets Drop

Apr 12 2011 | 4:54am ET

Technology hedge fund 7x7 Asset Management is reopening all of its funds to new investors after seeing its assets under management fall by more than a third over the past nine months.

The San Francisco-based firm said the move was designed to replace assets lost both to redemptions and poor performance this year; the firm’s Institutional Partners fund is down 3.69% through March.

“Several hedge funds have been getting redemptions recently and we want to stabilize it,” CFO William Chong told MarketWatch. The firm now manages $409 million, down from $642 million at the end of June 2010.

7x7’s hedge funds will reopen next month, firm founder Douglas Lee told investors in a letter yesterday. The same missive described March, when the Institutional fund lost 2.17%, as a “tough month” in which “a number of our long investments did not fully recover from the first-half sell-off.”


In Depth

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note