Hedge Fund OVS To Close

Mar 28 2014 | 10:06am ET

There will be no succession at OVS Capital Management.

The London-based event-driven hedge fund will close following founder Sam Moreland's decision to retire, Bloomberg News reports. OVS will return the US$310 million it manages to investors.

Moreland, who is just 48, founded OVS in 2010 after serving as European CEO of HBK Capital Management. The firm managed US$520 million two years ago, when it restricted new inflows, and never posted a losing year, earning 3.26% in the last quarter of 2010, 7.82% in 2011, 1.44% in 2012 and 7.51% last year. The fund is up 2.78% this year.

Nick McEwen, OVS' co-CEO, told Bloomberg that the firm is "extremely grateful to our investors for all of their support."

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