Wednesday, 29 June 2016
Last updated 1 hour ago
May 22 2013 | 12:41pm ET
Occitan Capital Partners is closing its doors after less than three years in business.
The London-based hedge fund has returned most investor capital and will close within a few months, Financial News reports. Firm founders Herve Gallo and Thomas de Garidel-Thoron elected to pull the plug earlier this year, after losing money in both 2011 and 2012, including a 14% drop in the latter.
John Candillier, Occitan's CEO, left the firm in January.
"We underestimated the impact of policymakers and governments to damp the crisis, not only on equity prices but also on the regime of volatility," Gallo and Garidel-Thoron wrote in October. "Our timing has been very off, making these positions painful."
Occitan debuted in late 2010 and was one of the largest hedge fund launches of that year and the next. At its peak, the hedge fund managed US$1 billion, including seed investments from Nomura Holding—the former employer of Gallo, Garidel-Thoron and Candillier—and Reservoir Capital Group.