Hedge Funds

Seligman soft-closes Tech Spectrum flagship


J&W Seligman & Co has closed its high-performing flagship hedge fund strategy, the Seligman Tech Spectrum Fund, to new investors - citing exceptional growth in the fund's assets under management.

The decision to soft-close the fund, which took effect on December 8, is "in the best interests of investors," according to a letter sent to clients that day, implying that the fund's growth had brought it near its ultimate capacity.

The strategy, managed by Paul Wick, will honor capacity agreements with existing clients and may still permit new investment from Seligman employees and certain high-net-worth individuals.

Seligman, a New