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Hedge Fund Shuttering Watch '13: Clive Capital

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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.



Bonus Watch '13: UBS Hedge Fund Employees None Too Happy To Be Treated Like UBS Employees

The Swiss are scheduled to communicate bonus numbers today. In the meantime, those working in UBS's O'Connor fund are preemptively pissed re: the news their compensation will be structured as though they were regular old employees of the bank. What are they doing about it?

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]