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