Monday, 27 June 2016
Last updated 1 hour ago
Jun 5 2012 | 12:10pm ET
Dalton Strategic Partnership is set to close two hedge funds that have proven disappointments—both in terms of assets and returns—recently.
The firm said it would shut its Melchior Japan Opportunities and Melchior UK Opportunities funds as soon as it receives approval for the plan from the Financial Services Authority. Managing partner Magnus Spence said that "by concentrating the firm's efforts" on better-performing funds, "we hope to enhance our offering to investors and accelerate growth."
"By closing those funds which have not performed well over an extended period of time, the firm is able to focus its efforts more closely on a smaller range of top performing strategies which include both equity long/short and institutional quality long-only funds," Spence added. "This focus will enable us to develop those funds more quickly and to give greater attention to their specific requirements."
Despite the shuttering of his fund, UK Opportunities manager Glen Pratt will remain with the firm, joining its global investment team.