LONDON Jan 18 Hedge fund Tell Investments
is pulling down the shutters on 15 years of trading, after
deciding the market is too tough.
Its decision follows three years of disappointing
The fund, which has offices in Switzerland, London and
Malta, is closing its two principal funds -- the William and the
Tell -- and has started returning some 600 million euros ($767
million) to investors, a spokesman told Reuters.
The third fund, the Walter, is being spun off into an
independent firm -- Walter Capital Management -- run from
Switzerland by Tell partner Olivier Laime, the spokesman said.
The fund will begin trading under its new brand in February.
Patrick Schegg, Tell's chief investment officer, made the
closure decision last year, the spokesman said.
The multi-strategy Tell and William Funds fell 5 percent in
2011, and have posted flat performance over three years.
At its peak, Tell, whose first fund was founded in 1996, ran
around 1 billion euros. It employs 16 people, according to its
Many hedge funds struggled last year, wrongfooted by
volatile markets. The average fund fell 4.8 percent in the 12
months to December 31, data compiled by Hedge Fund Research
shows, leaving many without lucrative performance fees.