Majedie Closes Hedge Fund At £350M

Jan 31 2012 | 1:41pm ET

After three years of strong returns, Majedie Asset Management has closed its "old-fashioned long/short equity fund" to new investment.

The fund currently manages £350 million. London-based Majedie said that clients have known since the Tortoise fund debuted three-and-a-half years ago that this day would come.

"When we launch funds, we always think about the total capacity and tell clients and consultants in advance when it would close," James de Uphaugh, chief investment officer, told Financial News. "That is what we have done. We prefer to prioritize the achievement of really good returns over asset size."

Tortoise has averaged 15.7% returns since inception. Managing director Rob Harris credits the performance to a nimbleness allowed by the fund's size.

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