Hedge Funds

ING Ghent shutters high-yield debt strategy

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ING Ghent Asset Management has shut down its Flying Sail High Yield Fund, which never achieved significant growth in assets and which produced inconsistent and unremarkable returns.

Assets of the fund, which launched in 2002, never exceeded $25 million, according to the Absolute Return database. An executive at the firm said the fund was not large enough to absorb its expenses, including audit and legal fees, and that such costs dragged down performance.

Flying Sail, which invested on a long-only unlevered basis in high-yield corporate bonds, had returned only 1.46% this year as of June. The fund lost 1.89%