Launches & Closures Hedge Funds

Credit shop WestSpring Advisors to shut down

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A large redemption from seed investor FRM preceded the decision.

WestSpring Advisors, the New York credit hedge fund firm founded in May 2009 by Ralph Nacey and Eric Phillipps, is shutting down.

WestSpring did not respond to requests for comment, but seeder FRM Capital Advisors (FCA), a division of $9 billion fund of funds group Financial Risk Management, confirmed the closure. FRM had seeded the fund with an initial investment of as much as $60 million from London-based FCA in August 2009, but the firm recently pulled the funds. WestSpring decided to liquidate shortly thereafter, according to FCA.

FCA told AR that the