Bankrupt Matrix To Shutter Hedge Fund, Sell Fund Of Funds

Nov 7 2012 | 4:40pm ET

The Matrix Group, a British firm with both hedge fund and fund of hedge funds arms, will all but cease to be.

The firm said it would shutter its hedge fund business, Matrix Alternative Asset Management, and sell its fund of funds business as part of a liquidation. The firm will also close its investment banking unit and spin-off its real-estate unit.

Matrix Property Fund Management chairman Rob Randall blamed the collapse on the firm's advisory business.

"The administration of Matrix Group was caused by continued weakening in market conditions in the investment-banking sector," he said. "We are optimistic that the Matrix Property Fund Management business will continue to grow.

Matrix went into administration yesterday, after 35 years in business. Bermuda Global has agreed to buy the fund of funds unit.

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