BOSTON (Reuters) – the Hedge Fund pagoda Asset Management is shut down at the end of the month, always the last accident in the $3.2 trillion industry after a period of sluggish, a source with knowledge of the movement, said on Thursday.
The New York-based pagoda was Holycross launched four years ago by Adam Bernstein, Glenn Vogelman, Jeffrey and specialized in betting on Telecom, media, technology and consumer shares. At the end of last year it managed $ € 566 million and generated small profits.Pagoda, the investors notified their decision to shut down via letter on Thursday. A representative for the company declined to comment.
The three founders had worked together at JP Morgan Chase, Highbridge Capital Management and generated enough enthusiasm, as they increase on their own to $100 million for your new Start. In 2015, Bernstein, the company’s chief executive officer, designation of, a Hedge Fund Rising Star by Institutional investor.
Months, he was honored by the publication, amber, his hopes and dreams for investors. Pagoda would consider an “institutional-quality hedge Fund would generate risk-adjusted returns for investors,” Bernstein wrote in a letter, and added that he “could not be happier about the pagoda of success from the beginning.”
But since then have been modest, climbing 1.4 percent in 2016 and 3.3 percent in the past year. The company is said to 1.1 percent this year, an investor.
At the end of last year, the pagoda top investments industrials company KAR Auction Services, Melco Resorts & Entertainment Ltd and tapestries, Inc., according to a regulatory filing.
Also as the pagoda was in the black, it was always harder for small and medium-sized Fund, new capital and stay in business. Many investors have had enough of the hedge funds move in a largely lackluster returns and high fees of money in less expensive, index-Fund, as the stock marched higher in recent years.
Pagoda joins Hutchin Hill Capital, Magnolia Road and Folger Hill Asset Management, all of the hedge funds, the ends complete, recently or with other.