Hedge funds keep on imploding

Some brand-name hedge funds are having a terrible year.

BlackRock is winding down its Global Ascent Fund, a global macro hedge fund which once contained $US4.6 billion in assets, according to Bloomberg’s Sabrina Willmer.

“We believe that redeeming the Global Ascent Fund was the right thing to do for our clients, given the headwinds that macro funds have faced,” a Blackrock spokeswoman told Business Insider.

The winding down of the Ascent fund is the second high-profile hedge fund closure in 24 hours. The Wall Street Journal reported Tuesday that Achievement Asset Management, a Chicago-based hedge fund, was closing.

It has been a perilous 12 months for the hedge fund industry, which has delivered financial crisis-type performance despite there not being a financial crisis.

A number of funds have fallen by the wayside, including the Fortress Investment Group macro fund led by Mike Novogratz.

Everyone from Warren Buffett to Bill Gross has weighed in on the poor performance.

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