Tuesday, 21 October 2014
Last updated 1 hour ago
Mar 14 2012 | 1:42pm ET
Less than two years after merging with hedge fund Montrica Investment Management, TPG-Axon Capital Management is shuttering its only fund.
TPG-Axon told clients last month that it would liquidate the Montrica Global Opportunities Fund and return all capital to investors by the end of this month, Bloomberg News reports. Montrica had been hit with a number of redemption requests and its board was "unsure of the continuing logic of maintaining a separate, small Europe-focused fund."
The closure won't affect Montrica's side pockets. TPG-Axon said it won't charge any management fees on the fund during the liquidation.
TPG-Axon and London-based Montrica merged—no money changed hands—in the summer of 2010. The deal reunited TPG-Axon's Dinakar Singh and Montrica's Andrew Metcalfe, who had worked together at Goldman. Metcalfe has since left Montrica, although the firm's other two founders, Svein Hogset and Fredrik Juntti, will remain with TPG-Axon.
Montrica was "roughly flat" last year and had returned about 4% this year.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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