According to Reuters, the Brits are packing it in.
Commodity hedge fund Clive Capital is to close down, blaming a lack of investment opportunities for its poor performance and investor outflows, making it the latest commodity fund to call it a day. “We perceive there to be limited, suitable opportunities at this point in the economic-demand and the commodity-supply cycles to enable us … to generate the strong returns of the past,” Clive said in a letter sent out to investors on Friday. London-based Clive, which was founded by Chris Levett in 2007 and ran about $5 billion at its peak, had made a name for itself as one of the biggest hedge funds trading in oil markets…But Clive’s fund has lost money in each of the past three calendar years and investors have headed for the exit. The firm said in the letter, dated Sept. 20, that it had suffered “steady redemptions” in the last two years and that assets across the firm stood above $1 billion. It will return 98 percent of investor capital in October.