Monday, 28 July 2014
Last updated 7 hours ago
Dec 5 2012 | 12:42pm ET
The hedge fund industry's attrition rate continues to accelerate as the year draws to a close with the exit of another prominent new hedge fund.
Apson Capital, founded last year by former Deephaven Capital Management star trader Edouard Salet, will close its doors at the end of the year, after less than 18 months in business, Financial News reports. Investors will get their money back early next year.
As with many hedge funds calling it quits this year, Apson blamed poor performance and a lack of opportunities for its demise. The fund lost 3.85% last year and is down 7.14% this year through August.
Apson, a global long/short equity fund, had bet on a worse economic situation than the one that materialized.
"Apson is discontinuing operations as the bearish views upon which its investments were made have not materialized," an investor told FN. "Lack of trends and low volatility across asset classes made it very challenging for the fund to identify good risk-reward opportunities and difficult to express views through long option-based strategies."
In addition to Salet, Apson features former BNP Paribas equity flow sales chief Daniel Goldstein and former Goldman Sachs proprietary trader Boris Pilichowski.
More than 400 hedge funds closed their doors in the first half, a 14% increase from a year earlier, Hedge Fund Research reports. This year has seen the closures of Avesta Capital Advisors, Bell Point Capital Management, Boyer Allan Investment Management, Brencourt Advisors, Cadogan Management, Camargue Capital Management, Centaurus Capital, Edoma Capital, Grant Capital Partners, John W. Henry & Co., Kingsbrook Capital, Kleinheinz Capital Partners, Lasair Capital, Libra Advisors, Millbrook Capital Management, Novaterra Capital, Octavian Advisors, OMG Capital, Orvent Asset Management, Pivotal Investments, Ridley Park Capital, Sequence Asset Management, Sharp Peak Capital Management, Thaddeus Capital Management, Tell Investments, Tiger Asia Management, Voras Capital Management and Weintraub Capital Management.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…