After nearly five decades of operation, Weiss Multi-Strategy Advisers LLC has announced its closure. This New York-based hedge fund was established in 1978 by George Weiss. The decision to shut its doors was articulated by Weiss in a heartfelt letter to clients and partners. It marks the end of a significant chapter in investment management. “Every journey has twists and turns, and after careful consideration of various factors and circumstances, I have arrived at the difficult decision to conclude this journey.”
At 81, George Weiss has overseen the careful winding down of the majority of client portfolios. The firm has been known for deploying diverse investment strategies through multiple teams. In leaner years it has displayed remarkable resilience and the ability to navigate market fluctuations. As of 2023, Weiss Multi-Strategy Advisers managed $3.1 billion and reported a 6% gain.
Weiss has long been a notable player in the hedge fund industry. The fund’s closure is reflective of a broader trend in the hedge fund sector, where investor interest has been generally receding, particularly for multi-strategy funds.