Exis Capital Management, a New York-based hedge fund founded by Adam Sender in 1998, is planning to close its business as its fund lost by 5.1% in 2013.
The company, however, has not disclosed reasons for the business closure officially.
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Exis Capital, which once managed over US$1 billion, could manage only about US$75 million at the end of 2013.
With this move, Exis Capital joins two New York-based stock hedge funds, Joho Capital and Scout Capital Management, that are also planning to close, reported the Wall Street Journal.
Earlier, Sender said his plan is to re-establish Exis Capital as one of the leading hedge funds in the world.
In 2008, when hedge funds on an average lost 19%, Exis Capital returned 15%. Since 1998 the firm’s average annualized return was 16.4% after fees.
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