Hedge fund Hunter Global Investors is closing its doors, citing poor performance in recent months.
Founder Duke Buchan, a former Maverick Capital managing director, said he'll return a "substantial portion" of Hunter's $1 billion next month. It is unclear when investors will receive the rest of their money, although Buchan said that all but about 3.6% of the hedge fund's investments are liquid, Bloomberg News reports.
"The past year, particularly the last four months, has been frustrating," Buchan wrote to clients, without quantifying how frustrating. "Our recent drawdown does not meet our organizational or my personal expectations."
"My decision is a personal one," Buchan continued. "It has been distressing for me to know, despite our best efforts, the extent to which our recent drawdown has impacted you."
Buchan founded the New York-based long/short shop in 2001.