Another fund-of-hedge-funds firm is shutting down.
The 1794 Commodore Funds is winding down its three funds over the next six months. Founded in 2002, the firm is a joint venture between York Capital Management, a multibillion dollar event-driven hedge fund manager, and William A.M. Burden & Co., the family office for the Vanderbilt estate. 1794 refers to the year Cornelius Vanderbilt was born, while Commodore was the nickname for the steamship magnate.
The funds — which were flat to down 1.5 percent last year — managed between $150 million and $200 million.
York Capital Management would not comment; however, sources say the $14 billion hedge fund firm, which did not market the event-driven fund-of-funds, was concerned that it was unable to raise assets at Commodore, an essentially break-even business. ....