Pyramis shuts U.S. equity market-neutral strategy

Pyramis Global Advisors closed its U.S. equity market-neutral strategy to both new investors and additional commitments from existing investors, said spokesman Alexi Maravel. The firm had planned to close the strategy — which posted a 25.47% return for 2007 — when it exceeded $1 billion in assets, and a commitment by an existing client recently raised the total to $1.2 billion, he said. He declined to name the client. According to the eVestment Alliance database, the strategy had $825 million in assets as of Dec. 31. A global strategy, the next offering in Pyramis’ suite of market-neutral strategies, is likely to be funded in the next few months, Mr. Maravel said.