Tuesday, 26 July 2016
Last updated 53 min ago
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.