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Hedge fund Hutchin Hill shuts down after three bad years

Hedge fund Hutchin Hill shuts down after three bad years
From Reuters - November 30, 2017

BOSTON (Reuters) - Hedge fund manager Neil Chriss said on Thursday he is closing his $2.2 billion firm Hutchin Hill Capital LP after three years of poor performance.

Chriss, whose firm is made up of teams that trade different strategies, wrote to clients that the best way forward is to proactively return capital as expeditiously as possible.

We fought hard, but did not deliver the performance that you expected from us, Chriss wrote in the letter dated Nov. 30 and seen by Reuters on Thursday.

Hutchin Hill, founded in 2007, is the latest high-profile casualty in the ravaged hedge fund industry. One-time stars Eric Mindich and Richard Perry made headlines when they shuttered their once-prominent firms earlier this year and in 2016, respectively.

This decision is not about one year of performance, which has been disappointing, Chriss wrote. We have not delivered on our performance goals for three years in a row.

The firm lost roughly 5.5 percent in the January-November period after having been up 4.7 percent in 2016. At one point, the firm managed more than $5 billion in assets.

Chriss had for some time tried to salvage the firm by cutting costs and refocusing resources.

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