Perry Capital, a hedge fund founded in 1988 by Richard Perry, is winding down its main funds after a string of losses, according to media reports Monday. “Although I continue to believe very strongly in our investments, process and team, the industry and market headwinds against us have been strong, and the timing for success in our positions too unpredictable,” Perry wrote in a letter to investors cited by both Reuters and Bloomberg News. Perry Capital’s closure is the latest upheaval in a industry plagued by a more challenging investment environment and spreading disenchantment with the high fees charged by hedge funds.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News