Tuesday, 26 July 2016
Last updated 16 sec ago
Nov 20 2007 | 7:31am ET
New York-based hedge fund Copper Arch Capital is shutting its doors, as founder Scott Sipprelle plans to take a break from investing.
Sipprelle, the former Morgan Stanley executive who set up Copper Arch five years ago, told investors that he wanted a “new challenge” and that “continuity, merely for the sake of continuity, is not a sufficient business purpose.” He said that the fund’s returns had been “very good,” and that market troubles were not responsible for his decision to close the firm.
“If the world divides between those who believe that a hedge fund should be like a Puccini opera—soaring, majestic and ultimately over—and those who believe a hedge fund should be more like a TV soap opera—emotional, dramatic and serially never-ending—I definitely reside with the former group,” Sipprelle wrote in the Nov. 5 letter to investors, obtained by Reuters.
He said that Copper Arch will return the $1 billion it manages after Dec. 31.