Collins Associates is shutting down, said Budge Collins, principal and director-client services and marketing.
Were going out of business, he said. Last Monday, we got resignations from all our clients but one. And that client will be leaving soon, he said. The hedge fund firm, which specializes in funds of funds, managed about $1.5 billion last year.
Clients cited turmoil in the firm as their reason for leaving, Mr. Collins said.
He said his plans and those of the two other top executives CEO Michael Earley and CIO Richard H. Moskowitz, both of whom joined the firm only about three months ago are indefinite.
I will definitely start another company, Mr. Collins said. He couldnt say if it would be in the money management field. This isnt the end for me.