Launches & Closures

Octavian in liquidation


Richard Hurowitz cites market dynamics in the decision to close his six-year-old firm.


 Richard Hurowitz (Photo: Billy Farrell Agency)

Octavian Advisors, Richard Hurowitz's distressed and event-driven hedge fund firm, is shutting down.

Founded in 2006 with a $100 million seed from Reservoir Capital Group, Octavian managed $1.37 billion in midyear 2008, which had fallen to about $885 million as of January 31, according to regulatory filings. Redemptions and poor performance in the past year have hurt; the flagship fund fell more than 11% this year through August, according to people familiar with the New York firm's returns.

"Despite recent unsatisfactory performance, we still have a high degree