Perella Weinberg’s Xerion Fund to Close, Return Money
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Perella Weinberg Partners LP is shutting its Xerion hedge fund, after its manager, Daniel Arbess, failed to recoup a 21 percent loss dating from 2011.
“As you know, we experienced the only material down year in our 12-year history in 2011 and have achieved positive annual returns since, bringing our investors closer to full recovery,” Arbess wrote in the letter sent to investors yesterday, a copy of which was obtained by Bloomberg News. “But we are still not quite there, and my views of the environment, personal discipline and expectations guide us to return your capital now.”