Hedge Funds

Chicago firm shuts down final hedge fund

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Iliad Capital, a Chicago hedge fund firm that at its peak managed $45 million, has shuttered its fourth - and final - hedge fund.

Iliad liquidated the Iliad Capital, Iliad Diversified and Iliad International funds in the third quarter. The firm closed its last remaining fund, Iliad Ultra, in December. All four portfolios traded futures contracts based on technical strategies.

"The volatility was high, and the returns were poor," said John Fife, lead portfolio manager for the Iliad funds and a managing partner at Chicago Venture Partners, an unaffiliated firm that runs $50 million.

Iliad Ultra began trading in