Union Bancaire Privee Asset Management will close its flagship hedge fund of funds, the $4 billion Select Investment Arbitrage Relative Value Fund, within the next couple of months, said Mark Kenyon, CEO. The institutional hedge fund of funds is closing to protect returns and because underlying hedge fund managers are also hitting capacity limits, said Mr. Kenyon. The company's two other hedge funds of funds remain open.
Separately, Arden Asset Management closed its two flagship funds, the $2 billion Arden Endowment Advisors and the $1.3 billion Arden Investment Advisors funds, to new investors two weeks ago, said Jonathan Gasthalter, spokesman. Arden immediately opened successor vehicles that are structured to perform identically to the original funds, said Mr. Gasthalter. Arden manages $5 billion overall.