Hedge Funds

Harbert closes event-driven fund


Harbert Management Corporation recently shuttered its event-driven hedge fund strategy. The firm, which manages approximately $5 billion in assets within alternative investments, supposedly closed the fund due to investment returns not meeting internal expectations.

At the same time, its convertible arbitrage strategy run by Jeffrey Parket and Mitch Thaw took a big hit last month. The portfolio suffered with the general sell-off within the convertible marketplace, causing it to end the month down 8%. The fund was also down 1.97% in March. At its peak, the fund was running over $900 million and was up 8.72% last year.