Fund launches & closures Hedge Funds

Penso shuts macro funds

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Bergmann will continue to run Penso's risk advisory business for hedge funds and institutional investors.

Ari Bergmann’s Penso Capital Markets profited during the economic crisis, but failed to reach sufficient mass to keep going. The Cedarhurst, Long Island-based firm will shutter its two macro hedge funds, Penso Global Macro Opportunities Strategy and Alpha Risk Overlay Strategy, to focus on its risk advisory business.

The fund will be liquidated on Jan. 31, and the firm expects investors to receive 90% of their capital by Feb. 5, Bergmann wrote in a Jan. 26 letter to investors, which noted that the remainder of investors’ capital will be held until the final audit is completed.

Despite positive performance during