Global macro fund manager Hugh Hendry has taken the ‘difficult decision’ to close his flagship hedge fund after 15 years, in a move which will see Eclectica Asset Management close as well.
In a shareholder letter seen by Citywire Selector, the London-based investor, who is founder and chief investment officer of Eclectica Asset Management, said the Eclectica fund would be closed and, ultimately, the firm would shut down as well.
Citywire Selector understands the closure applies to the flagship fund, which was launched in October 2002, and is likely to have ramifications for the UK-domiciled CF Eclectica Absolute Macro fund too.
In the note, Eclectica said it was a ‘difficult’ decision to close the fund and thanked everyone who had invested and supported it over the past 15 years.
A spokesperson for Eclectica AM confirmed the closure to Citywire Selector.
In February Citywire reported that the firm had seen assets fall by 87% in three years from $1.4 billion in March 2013.
As a result the firm cut staff numbers from 13 to six.
At the time chief executive Tim Arengo-Jones, told Citywire: ‘Obviously, when you have close to a billion dollars under management you can afford more staff so that was just part of the cost-cutting that we had to do with the fall in AUM over that period in summer 2014.'