Trafalgar Asset Managers, the European hedge fund group headed by Lee Robinson and Theo Phanos, has told investors that it plans to wind down Trafalgar Catalyst, the firm’s flagship event-driven fund since its inception in 2001.
The announcement was seen by some investors as slightly surprising – given that the fund came through the financial crisis very impressively, with a positive return in 2008 despite paying out huge redemptions, and was still running assets of close to $400 million last month despite...