Investing
George Weiss Searched for a Buyer Before Shutting His Hedge Fund
- It gained about 6% last year but trailed multistrategy peers
- Industry expected to see more consolidation amid talent war
George Weiss
Photographer: Ilya S. Savenok/Getty ImagesThis article is for subscribers only.
Before calling it quits, hedge fund chief George Weiss searched for a buyer for his $3 billion firm — talking to prospective suitors over the past year including Millennium Management.
Weiss Multi-Strategy Advisers had lackluster returns for years and was looking for a deal, according to people familiar with the matter. It sank 0.6% in 2022, while its biggest rivals posted double-digit gains.