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Quant Hedge Fund Acrospire Shuts Down After Clients Pull Money

  • Hedge fund had $350 million at peak before poor performance
  • A string of prominent hedge funds have closed this year

Another hedge fund is calling it quits.

Acrospire Investment Management, which uses machine learning to wager on and against stocks globally, is shuttering and returning its capital to clients, according to a Sept. 29 email to investors seen by Bloomberg News. The Chicago-based quant firm, which ran $350 million at its peak, saw assets sink by about two-thirds as investors asked for their money back following the fund’s poor 2015 and 2016 performance.