The Iridian Opportunity Fund was down 8.90% through the end of October after a nearly flat 2010.
Iridian Asset Management, the $6.8 billion asset management firm founded by two veterans of Arnhold and S. Bleichroeder Advisers, has shuttered its largest hedge fund following a steady slide in assets and weak performance in 2010 and 2011. The fund’s portfolio managers, Jeff Silver and Ben Hunt, have also left the firm.
The Iridian Opportunity fund, which launched in 2005, had run a global equity strategy managing as much as $860 million less than one year ago. But the fund was down 8.90% for 2011 through the end of October, when the Westport, Conn. firm stopped reporting returns