Sydney based-hedge fund floated by three former Goldman Sachs JBWere traders Global Trading Strategies, has been closed, Bloomberg reports. The fund’s strategy of betting on global economic trends did not work out after producing negative returns for more than a year, forcing its closure.
Some 99 percent of the $400 million in investments as of July 31 has been returned to investors. The fund was launched by Brett Allender, Andrew Peden and Karl Mayer in 2005. In 2008 it had reached $1.2 billion, more than doubling the original investors’ money by trading currencies and fixed income.
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