Bell Point Capital Management LP, the multistrategy credit hedge fund founded by Joseph Russell, the former head of U.S. fundamental credit at Citadel LLC, is winding down by the end of the year, according to two people familiar with the matter.
Bell Point, whose main fund reached a peak of more than $500 million in assets earlier this year, plans to give money back to investors and has already returned an undisclosed amount, said the people, who asked not to be identified because the information is private. Russell, 49, plans to retire, the people said.
Russell started New York-based Bell Point in 2010, two years after leaving Citadel, where he had headed trading in leveraged loans and high-yield debt. Bell Point, which has about 20 employees, gained 4.5 percent this year, according to the people.
The firm’s chief operating officer, John DiRocco, worked at Citadel from 1998 to 2004 and was that firm’s chief financial officer, the people said.
Nick Verma, director of business development at Bell Point, said he couldn’t comment on the firm’s closing.
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