Friday, 1 August 2014
Last updated 41 min ago
Jan 13 2012 | 1:12am ET
Avesta Capital Advisors founder William Tung is closing his firm's doors to return to the hedge fund he left almost a decade ago.
Tung told clients that he would liquidate Avesta and return their money by the end of next month. He plans to return to Moore Capital Management, where he spent six years before founding Avesta, which currently manages about $630 million.
"Given the prominent role that 'macro' is playing in the stock market these days, and given my desire to emphasize the 'top-down' in Avesta's process, being at a macro shop such as Moore will only facilitate greater chances of success," Tung wrote yesterday.
Tung left open the possibility that he'd go back into business for himself again in the future, writing that he may re-open Avesta.
Avesta lost 6.4% last year, slightly more than industry averages. Over its more than nine years, the firm returned 6.5% on an annualized basis, although 2011 was its second-straight down year.