Columbine Asset Management, a market-neutral money manager, is suspending its asset management operation. At its peak last year, the firm managed $175 million in hedging strategies, but had suffered from poor performance in recent times. It informed clients in a memo earlier this month, said Dan Knight, a portfolio manager.
The firm will continue to operate its Columbine Capital Services business, which offers quantitative research to institutional investors, and work on improving the mathematical model that dictates its market-neutral strategy so it can roll out new products later in the year.
