James Caird Plans New Fund Next Year

Dec 15 2011 | 2:10pm ET

After shutting its flagship hedge fund, James Caird Asset Management will launch a new one.

The London-based hedge fund told investors yesterday that it would liquidate its eight-year-old JCAM Global Fund—which started at Moore Capital Management—due to poor performance this year. The $1.6 billion hedge fund is down 8.9% this year; James Caird founder Tim Leslie said he'd begin returning money new month.

Next year, James Caird, which has two other funds that will continue trading, will launch a new fund with a "narrower trading focus," Leslie wrote to investors yesterday. The new fund will be managed by Leslie deputy Robert Miller.

Leslie said he hoped to raise $500 million for Miller's fund, and would cap the fund at about that level, Bloomberg News reports.

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