The hedge fund industry's attrition rate continues to accelerate as
the year draws to a close with the exit of another prominent new hedge
fund.
Apson Capital, founded last year by former Deephaven Capital Management star trader Edouard Salet, will close its doors at the end of the year, after less than 18 months in business, Financial News reports. Investors will get their money back early next year.
As with many hedge funds calling it quits this year, Apson blamed poor performance and a lack of opportunities for its demise. The fund lost 3.85% last year and is down 7.14% this year through August.
Apson, a global long/short equity fund, had bet on a worse economic situation than the one that materialized.
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Apson Capital, founded last year by former Deephaven Capital Management star trader Edouard Salet, will close its doors at the end of the year, after less than 18 months in business, Financial News reports. Investors will get their money back early next year.
As with many hedge funds calling it quits this year, Apson blamed poor performance and a lack of opportunities for its demise. The fund lost 3.85% last year and is down 7.14% this year through August.
Apson, a global long/short equity fund, had bet on a worse economic situation than the one that materialized.
Read Full Article>>>