US hedge fund to become a family office
Brencourt Advisors, the New York-based hedge fund established by William Collins, is reportedly planning to return money to its outside investors and convert to a family office.
Brencourt Advisors, the New York-based hedge fund established by William Collins, is reportedly planning to return money to its outside investors and convert to a family office.
According to reports in the financial press, Brencourt, which manages about $300 million (€233.3 million), is finding it difficult to raise money in the current economic environment.
The firm, which was established in 2001 by Collins, together with Jim Balakian and Dave Woolf, wants to close its multi-strategy funds, credit opportunities funds and merger arbitrage fund by the end of the year, Bloomberg said quoting a letter written by Collins on 14 September.
It will start returning money to its clients in October and plans to begin operating as a family office from 2013.
