Horizon Cash Management, a cash manager for alternative investment funds, is closing effective Nov. 25, said Diane Mix Birnberg, founder, chairwoman and partner.
The Chicago-based firm, which Ms. Birnberg founded in 1991, has about $500 million in assets under management and has specialized in managing the cash portions of managed futures funds. She said the firm’s assets under management peaked at about $3.7 billion in 2006 and totaled $1.7 billion at the beginning of 2013.
“Basically after 20 years of being very profitable,” Ms. Birnberg said, “for the last two years we have not been, because our main client base is hedge funds, specifically managed futures funds. They have had terrible performance for going on three or four years.”
“They’re coming around now,” she added, “but the performance has been very bad so it has been hard to market to.”