Tuesday, 26 May 2015
Last updated 58 min ago
Mar 14 2008 | 10:32am ET
Boston-based Andesite Management is reportedly pulling the plug on its healthcare hedge funds because they lack sufficient capital to compete in the current market.
Andesite principal Hamilton Mehlman told investors last week that he’s shutting down the $100 million shop and will return capital in the Andesite Life Sciences funds at the end of May, according to HFAlert.
But despite closing up shop, Mehlman remains optimistic on the healthcare sector, which he said should benefit from population growth, increasing worldwide wealth and technological advancement, and urged his investors to stay in the sector.
Mehlman did not return calls for further comments.
Mehlman founded Andesite in 2003 and since inception his funds have averaged annual returns of 16.8% through 2007.
Prior to starting Andesite, Mehlman managed a life science hedge fund for Essex Investment.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…