Hedge-fund firm Woodbine Capital Advisors is said to be considering paying back money to its clients following its failure to achieve the promised goals.
A person familiar with the development told Bloomberg that the manager told clients in a letter yesterday that he will give back their capital at the end of the month.
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Joshua Berkowitz, who started hedge-fund firm Woodbine Capital Advisors in 2008, said that the fund failed to yield the high returns that was expected.
The company assets decreased to nearly $400 million from a peak of $3 billion four years ago, according to the publication.
It is not Woodbine Capital Advisors that is returning money to clients, many other New York-based hedge-fund firms have closed in 2014.
In January 2014, Scout Capital Management, the $6.7 billion firm managed by James Crichton and Adam Weiss, said it was shutting after 15 years following Weiss’s decision to cease managing money for investors.
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