Launches & Closures

Coast Asset Management to sell remaining FoHF business


Coast Asset Management, which is based in Santa Monica, is quitting the fund of hedge fund business to focus the firm’s efforts on its fixed-income arbitrage investment strategy at a time where only serious fund of hedge fund players will survive as investors try to cut back on fees.

Prior to the financial crisis, the firm had as much as $3.8 billion in its fund of hedge fund business, dropping out of the InvestHedge Billion Dollar Club in 2009.

A number of blue-chip US-based hedge funds are struggling to raise assets for their ancillary non-core third-party fund of