Hedge Funds Are Shuttered as Investors Go With Europe's Big Guns
- Closures exceed hedge funds started for first time in 15 years
- Three-quarters of funds closed managed $150 million or less
Tower Bridge spans the River Thames in London.
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For smaller hedge funds and startups, Europe wasn’t the place to be in 2015 as mounting costs and shrinking fees prompted the industry to contract in the region for the first time in at least 15 years.
While money flowed into multibillion dollar operations such as Lansdowne Partners UK and Marshall Wace, businesses including Armajaro Asset Management, run by Oliver Denny, and Lucidus Capital Partners were among those that shuttered funds. About 75 percent of the 294 European funds that closed last year managed $150 million or less, according to industry tracker Eurekahedge.