Hendry shuts Eclectica AM saying 'it wasn't supposed to be like this'

Firm founded 12 years ago

Hugh Hendry

Hugh Hendry

Well known hedge fund manager Hugh Hendry is to close Eclectica Asset Management, which he founded 12 years ago after leaving Odey AM, following a tough period for his macro strategies.

In a letter to investors, Hendry said the substantial risk book of his flagship Eclectica fund - which has slumped 9.4% this year through August - "became strongly correlated over the short term to the maelstrom of President Trump and the daily news bombs emanating from the Korean Peninsula." This, coupled with the increasing regulatory burden, had been making it impossible to manage small pools of hedge fund capital, he said. Hendry highlighted the potentially "strange environment" where in the absence of any recognisable asset bubble, risk assets should continue to trend positively....

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