GMN Capital to close

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GMN Capital, a quantitative-focused global equity hedge fund firm based in San Francisco, is shutting down by yearend after failing to rebound from significant losses suffered in August.

Having once managed as much as $1.2 billion, the firm’s sole vehicle, the GMN Master Fund, has declined to $500 million in assets, according to the Associated Press, which cited James Claus, the firm’s managing partner and chief executive.

The firm, which spun out of GSA Capital in London, launched this year with around $1 billion. The fund fell approximately 19% in August, and has since failed to recover, having