Meyer’s Hedge Fund Assets Drop to $6 Billion as Returns Flag
- Convexity investors pulled more than $1 billion last quarter
- Ex-Harvard endowment chief’s firm peaked at about $15 billion
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Jack Meyer, the investor who built a multibillion hedge fund firm after more than quadrupling the size of Harvard University’s endowment, has seen assets erode to below the level he started with a decade ago following weak performance.
Convexity Capital Management fell to about $6 billion in assets as of June 30 after meeting more than $1 billion in redemption requests last quarter, according to two people with knowledge of the matter. The Boston-based firm, which peaked at around $15 billion in early 2013, risks underperforming for the fifth year in a row after missing its benchmarks by roughly 3.6 percentage points in the first half, said one of the people asking not to be identified because the returns aren’t public.