Having missed the mark for three years running, hedge fund Tell Investments is hanging up its bow and quiver.
The 15-year-old firm's chief investment officer, Patrick Schegg, decided to throw in the towel last year, Reuters reports. The firm will liquidate its flagship hedge funds, William and Tell, and spin off its Walter Fund next month.
Tell, which debuted in 1996, ran €1 billion at its peak and has offices in Switzerland, London and Malta. But the William and Tell funds now have a combined €600 million, money which the firm has begun to return to investors.
The Walter Fund will be handed to partner Olivier Laime, who has founder Walter Capital Management in Switzerland. The fund will move to the new firm in February.
Schegg chose to close Tell after deciding that the current market environment was too difficult to make money. Tell and William lost about 5% last year, in line with the average fund, and have been flat for the past three years.