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.”

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