Bond Hedge Fund 5:15 Capital to Close Down, Return Money
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Bond hedge-fund manager 5:15 Capital Management LLC, named after a song by The Who, will wind down and return client money after redemptions, according to a letter obtained by Bloomberg.
The firm, which invests in government bonds, will shut by the end of the month after redemptions “driven by sector rotation” and “weakness in the fund-of-fund industry,” E.G. Fisher and Rob Wahl, co-founders of the Greenwich, Connecticut-based firm, wrote in the letter that was sent today to clients. Assets in the firm’s core strategy fell from a peak of $1 billion in early 2012 to $370 million as of April 1, they said.