Hedge Funds Keep Closing Down

Now BlackRock is winding down its Global Ascent Fund joining other hedge funds closing down.

hedge-funds-closingBlackRock is winding down its Global Ascent Fund, a global macro hedge fund that once contained $4.6 billion in assets.

The BlackRock Global Ascent hedge fund has lost 9.4 percent this year and investors in the $1 billion fund were notified over the last week that it would be closed down, according to Dealbook. The hedge fund, which as recently as two years ago had $4.6 billion in assets under management is now almost completely cashed out, Dealbook reported.

The winding down of the Ascent fund is the second high-profile hedge fund closing in 24 hours. The Wall Street Journal reported Tuesday that Achievement Asset Management, a Chicago-based hedge fund, was closing.

It has been a perilous 12 months for the hedge fund industry, which has delivered financial-crisis-type performance despite there not being a financial crisis.

Numerous funds have fallen by the wayside, including the Fortress Investment Group macro fund led by Mike Novogratz.


Fortress Investment Group Closing It’s Macro Hedge Fund

Mike NovogratzFortress Investment Group plans to close down its macro hedge fund after two years of losses, including a 17.5 percent swoon this year through September.

Marc Lasry Avenue Capital Group Closing it’s Original Hedge Fund

bill-clinton-marc-lasryAvenue Capital Group is closing it’s original hedge fund Avenue Investments.

Even When Loosing a Lot Money Hedge Fund Managers Cash In

hedge-fund-earningsMost hedge fund managers are paid both a percentage of the total assets that they manage each year, and a percentage of the profits they make from investing your money.

(Visited 209 times, 1 visits today)