Veteran Hedge Fund Seneca Closing Shop

December 30, 2015 PJ Moore Hedge Fund News

Seneca Capital Investments is disbanding after over 20 years of money management for its clients. Doug Hirsch, who is also one of the founders of the Sohn Investment Conference, informed his clients of his decision to return about $500 million after the fund posted a 6 percent loss this past year.

“I am no longer able to continue making the commitment and sacrifices required to run outside capital,” Hirsch wrote in a letter dated December 21. “Despite negligible redemption requests and increasing market opportunities that are the result of a challenging year in event-driven investing, I cannot in good faith start next year with the dedication required to manage your capital.”

Seneca placed its bets on corporate events like mergers, spinoffs and restructurings. This year was the worst year since 2011 for event-driven funds. These types of funds declined on average 2.3 percent through November. Seneca joins a long list of funds which have shuttered during the grueling financial events of 2015.

Doug Hirsch, Seneca Capital Investments, Sohn Investment Conference,

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