Balance Asset Management, the event-focused fund launched last year by Steven Audi and Kevin Robik, is shutting down after producing negative returns in 2007 following a positive first year.
The New York-based firm held peak assets of $230 million this spring following a gain of 16.26% in 2006. Of that total, $70 million was from Swiss fund of funds RMF, a division of Man Investments. In 2007, performance soured: The firm lost 0.2% through June and another 7.4% in July.
Balance pursued event-oriented investing that incorporated elements of long/short, capital structure arbitrage and derivatives strategies. Founders Audi and