Monday, 4 May 2015
Last updated 5 min 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…