Hedge Funds

West Broadway liquidates funds

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New York-based West Broadway Partners is returning money to investors and closing shop after a 12-year run.

Some $170 million has already been returned to investors as the firm liquidates its four hedge fund strategies. The shop was founded by former Oppenheimer arb-specialist Bruce Liptak in 1993. Other notable staffers included convertible bond specialist Dwight Eyrick and equity manager Cengiz Searfoss.

The funds, which have already been liquidated, include the West Broadway Long/Short, with average annualized returns of 5.5% since inception in 2001, and the firm's namesake West Broadway Partners fund, which managed average annual returns of roughly 15%