Several hedge funds shut down altogether in 2019, the fifth year in a row with more closures than fund launches. Stone Milliner Asset Management, founded by three Moore Capital alums, told investors in November that it was winding down, with all assets being returned by the end of the year. Peace Bridge Partners also ceased operations, with the two-year-old firm’s founders saying in an investor letter they had ``underestimated how difficult the fundraising environment would be.’’ And Duane Park Capital Management said a final farewell, a little more than two years after it started with the help of $200 million from JPMorgan Chase & Co.
Among the departures, BlueMountain Capital Management was perhaps the most unusual: selling itself to an insurer, with the deal seeing founder Andrew Feldstein working in-house at Assured Guaranty Ltd. As 2019 draws to a close, there’s still a little time for another one of the industry’s pioneers to take Paul Simon’s advice and ``get yourself free.’’
This article was provided by Bloomberg News.