Skip to main content

'Unforeseen Circumstances' Shutter Ritchie Capital's Multistrategy Global Fund

  • Author:
  • Updated:

Bloomberg reports that RC (which manages approximately $2.8 billion) will refund "80% of clients' money over the next 2 1/2 years and keep the fund open for at least three years." The Multistrategy Global Fund lost more than 2% from the beginning of 2005 through this past August, the "unforseen circumstances" apparently being "that we'd lose a ridiculous amount of money."
Ritchie Capital to Shut Flagship Multistrategy Fund [Bloomberg]


Zoe Cruz To Shutter Hedge Fund

Don't cry for the Cruz-Missile, though. Apparently she's already strategizing her next move. Cruz is said to have been struggling to raise anything beyond the initial $200 million she obtained from Voras Capital investors, the source said. The source said the decision to return investor money was made recently and all clients would get their money "promptly." Cruz's hedge fund, which began raising money and recruiting employees in 2009 formally opened in 2010, was down 8 percent last year, the sources added...The source said Cruz is fielding job inquiries in the finance industry, but has not made any decisions. Zoe Cruz's Voras Capital To Close [Reuters/Katya Wachtel]

Kleinhenz Capital Shuttering Leaves Void In The "Hedge Fund Managers Who Have No Qualms About Driving Their Adversary's Kia Sorento Into A Pond" Field

Last Friday, Bloomberg reported that Kleinheinz Capital Partners had written investors to inform them that the firm would be closing up shop, on account of founder John Kleinheinz's no longer "enjoying running running the fund" as much as he used to. And while JK is certainly not the first hedge fund manager to throw in the towel or to blame "central bank and government intervention for reducing volatility and making macro investing more difficult," and there are obviously enough people left in the industry to manage people's money, this particular account of calling it quits should leave you slightly misty-eyed, for one reason: the hedge fund community has lost the guy that did this (and, noting the less than apologetic apology, would do it again?):