Another macro fund bites the dust
Bloomberg reports that Stone Milliner Asset Management is shutting down its macro hedge fund after poor returns and redemptions.
The London-based firm oversees about $3 billion, down from $6 billion at its peak.
Investors have taken $88 billion from hedge funds this year, double what was withdrawn in 2018 as passive investing and quants continue to shake up the landscape.
The firm began trading in 2012 and was a spinoff of Moore Capital. That fund started in 1989 and produced returns near 30% for years but has struggled since the crisis and announced last week it would return outside capital.
One of Moore’s funds overseen fell almost 6% last year, while
another fund slid 3.3%, the
Financial Times reported.