Doug Hirsch, founder of hedge fund Seneca Capital Investments, is returning all outside capital to investors by Tuesday, Bloomberg reports.
Hirsch is one of the founders of the Sohn Investment Conference, a charitable conference held in financial centres around the world that fields ideas from some of the most brilliants minds on Wall Street.
Bloomberg learned of Seneca’s closure from a letter Hirsch sent to investors.
Here’s a snippet from the report:
“I am no longer able to continue making the commitment and sacrifices required to run outside capital,” Hirsch said in the December 21 letter. “Despite negligible redemption requests and increasing market opportunities that are the result of a challenging year in event-driven investing, I cannot in good faith start next year with the dedication required to manage your capital.”
Seneca, an event-driven fund, closed the year down 6%. Its peers in that strategy lost an average of 2.3% through November.