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BlueBay Closes Macro Fund; Phillips Leaving for Own Firm

BlueBay Asset Management LLP is closing its $1.4 billion macro hedge fund after a senior portfolio manager left the London-based firm to start his own venture.

Shutting down the Global Macro Fund is in “the best interest of investors” after its manager, Neil Phillips, announced his departure, and all capital will be returned to investors, BlueBay said in a statement today.