BlueBay Shuts Global Macro Fund As Manager Quits

Nov 20 2014 | 2:53pm ET

BlueBay Asset Management will close a US$1.4 billion macro hedge fund after its manager resigned from the firm.

Neil Phillips plans to start a hedge fund of his own. But rather than simply replace him as head of the Global Macro Fund, London-based BlueBay said that it is in “the best interest of investors” to shut the fund and return money to clients.

Phillips’ fund is one of just a few macro funds having a strong year. The fund is up 8% through October, Bloomberg News reports. Phillips said that the closure comes amidst “ridiculously successful circumstances.”

Phillips hopes to bring that good fortune to his new firm, which he hopes to have up-and-running by August.

A veteran of Morgan Stanley and Lehman Brothers, Phillips joined BlueBay in 2006. He launched the Global Macro Fund three years later.

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