The Exis Capital Management founder has decided to pack it in, and without even sending one last letter for old time's sake.
New York hedge-fund firm Exis Capital Management Inc., run by prominent art collector Adam Sender, is shutting down following poor performance last year, according to people with knowledge of the matter.
Founded by Mr. Sender, an early employee of SAC Capital Advisors LP, the 16-year-old Exis once managed more than $1 billion but managed only about $75 million at the end of last year. The firm lost 5.1% last year, according to a fund document….
It was unclear Monday why Mr. Sender has decided to shutter the firm or what his plans are. Some of Exis's employees will be retained, the person said….
Mr. Sender, who moved to Florida several years ago, is known for considering art as an investment. His sales of 30 contemporary art works in 2006 totaled more than $19 million, a sixfold return on his investment.
Three years ago, he transformed his Miami home into a weeklong exhibition venue to capitalize on the art crowds coming to Art Basel Miami Beach.