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Severn River Capital to Wind Down Amid Challenges

Severn River Capital Management LLC, the Greenwich, Connecticut-based hedge fund founded by Scott Roth, is winding down after a “challenging” investing environment, according to a statement.

“Fundamental equity, market-neutral long/short investing has been challenging over the past few years and we have decided to wind down our operations,” Roth said yesterday in an e-mailed statement. “I would like to thank my present and past employees and investors for their faith in me and my team over the past seven years.”

The statement didn’t indicate how much in assets Severn River Capital has or when investors will receive their money. The firm currently employs 10 people, Roth said in the statement.

Roth, who said he has been in the business since 1994 when he graduated from Harvard Business School and joined Goldman Sachs Group Inc., opened Severn River Capital Fund Ltd. and Severn River Capital Partners LP in July 2004. In 2006, those funds shut down after declining 8 percent since inception, Bloomberg News reported at the time.

An estimated 635 hedge funds globally were liquidated in the first three quarters of 2012, 8.5 percent more than a year earlier, according to Chicago-based Hedge Fund Research Inc.

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