Photo: L. Marie via Flickr
Global Trading Strategies, a hedge fund in Sydney, Australia, has been returning money to investors and winding down operations, Bloomberg reported.
The fund had around $400 million under management when it stopped trading on July 31 after a year of negative returns, down from a peak of $1.2 billion in 2008. By mid-September, 99% of the fund’s remaining assets under management had been returned to investors.
But the company had once been successful – for the original investors, fund managers were able to double their money with their trading strategies.
The hedge fund was started in 2005 by Brett Allender, Andrew Peden and Karl Mayer, who worked together at Goldman Sachs JBWere Pty., the bank’s Australian private wealth management arm.
Global Trading Strategies is the second hedge fund this week to go. On Monday, Longacre Capital announced they were shutting down operations. Meanwhile – John Paulson is getting railed for his Advantage Plus fund being down 47% through September, and he might lose 25% of the fund’s assets.
Last week, a report from Bank of America Merrill Lynch said hedge funds had suffered the worst quarter since the financial crisis with around 5.02% lost in returns. For macro funds, they were down 0.66% in the third quarter, and down 2.79% year to date.
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