As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.
Tuesday, 24 January 2017
Last updated 20 hours ago
Oct 17 2013 | 2:51pm ET
Egerton Capital has become the latest hedge fund to start turning away investors.
The London-based firm shut its long/short fund to new money late last year, and has now done the same for its long-only fund, Reuters reports. Egerton's assets have soared 80% over the past year as investors flocked to the high-performing strategies. The firm now manages US$11.4 billion, roughly equally split between its funds.
A year ago, Egerton had just US$6.3 billion in assets.
Egerton's hedge fund is up 19% this year and its long-only fund is up 25%.
Egerton, founded in 1994 by John Armitage and William Bollinger, reopened in 2008 after suffering losses in the financial crisis that cut its assets in half, to just US$4 billion. It joins a number of prominent managers, including D.E. Shaw Group, in closing to new investors recently.