Hedge Fund To Close Doors Due To ‘Unpredictable’ Markets

The hedge fund industry’s woes have hit home for Richard Perry. The New York hedgie told investors on Monday that he is closing down his flagship fund after 28 years, citing “unpredictable” markets. The announcement, in a letter to investors, comes at a tumultuous time in the hedge fund industry — where performance lags the S&P 500, and the so-called “2 and 20” fee structure is under attack. The 62-year-old investor’s firm has lost 60 percent of its assets under management over the past two years — and last year, the main fund was off 12 percent. As of Sept. 1, the fund had $4.1 billion in assets under management and was down 2.5 percent year-to-date, according to sources. The fund is also believed to be invested in Barneys New York, and the fate of that investment could not be learned at deadline. Read more at New York Post.