BlueBay Asset Management is closing its $1.4 billion macro hedge fund after a senior portfolio manager left the London-based firm to start his own venture.
Shutting down the Global Macro Fund is in “the best interest of investors” after its manager, Neil Phillips, announced his departure, and all capital will be returned to investors, BlueBay said in a statement Thursday.
Mr. Phillips said in an interview that the fund had gained 8% this year as of the end of October, and is closing under “ridiculously successful circumstances.” He said he’s planning to start a global macro hedge fund with an emerging markets focus by August.
BlueBay, owned by Royal Bank of Canada, was founded in 2001 and managed more than $65.8 billion in fixed income and alternative strategy products as of Sept. 30, according to its website.
