Friday, 24 October 2014
Last updated 44 min ago
Feb 25 2009 | 12:21pm ET
Odey Asset Management is closing a hedge fund that failed to capture enough investor interest, and money.
The London-based firm set up the Tactical Advantage Fund, a global long/short offering, in 2006, and opened it to more investment the following year. But Odey said the fund collected only about $8 million in assets from just three investors, less than a fifth of the amount it needed to remain economically viable, Wealth Bulletin reports. What’s more, the fund had performed poorly
“There was a lack of critical mass,” CEO David Stewart said. “Launching small funds in this environment doesn’t work—it is a symptom of the industry we are in at the moment.”
The fund’s manager, Suren Patel, is no longer a portfolio manager at Odey, but remains with the firm as an adviser to firm founder Crispin Odey.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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