Brencourt advisors liquidating hedge funds
Perry Capital, the hedge fund firm founded by Richard Perry and Paul Leff in 1988, plans to wind down its main hedge funds, according to a letter sent to investors on Monday and seen by Reuters."Although I continue to believe very strongly in our investments, process and team, the industry and market headwinds against us have been strong, and the timing for success in our positions too unpredictable," Richard Perry wrote in the letter.
The shuttering underscores continued pressure on the hedge fund industry following a period of poor performance. That was down from .9 billion as of late 2013 and around billion in early 2008, according to firm reporting seen by Reuters.
Blue Crest Capital Management also announced last December it would return billion of capital and turn into a family office, blaming changing fee levels and the challenge of meeting investor needs.
Fundraising woes have claimed another hedge fund victim, as Brencourt Advisors plans to close its doors.
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As a result, many clients require extensions because the tax-reporting forms are not available until just before the extended due date of their return.Industry data tracker HFR reported in September that 530 funds liquidated in the first half of the year, on pace for the second-most shut-downs in a calendar year except for 2008. Co-founder Leff and former co-chief investment officer David Russekoff have departed in recent years.Perry, whose firm uses a so-called event-driven strategy focused on profiting from corporate shake-ups, added that a "substantial" amount of client capital would be returned in the beginning of October. Richard Perry launched the firm after working at Goldman Sachs' risk arbitrage desk that was famous for producing star hedge fund managers.An important qualification to remember when beginning due diligence on a partnership is that no investment is perfect.Each one has its own risks, however esoteric or idiosyncratic, and risks change over time, as do the operations and other intricacies of investment management.