Sunday, 23 April 2017
Last updated 1 day ago
Feb 25 2013 | 2:11pm ET
Hedge fund Severn River Capital Management will close its doors, the latest casualty of what firm founder Scott Roth called the "challenging" investment environment.
Roth said he would close his nine-year-old hedge fund and return its capital to clients. It is unclear how much Greenwich, Conn.-based Severn River currently manages, and the firm did not specify when investors will get their money back, Bloomberg News reports.
"Fundamental equity, market-neutral long/short investing has been challenging over the past few years and we have decided to wind down our operations," Roth wrote on Friday. "I would like to thank my present and past employees and investors for their faith in my and my team over the past seven years."
Roth, a Goldman Sachs veteran, founded Severn River in 2004. The firm's first funds did not last long, closing in 2006 after losing 8% since their debut.
Severn River currently employs 10, Roth said.