Hedge Funds

Global macro fund Solaris winds down

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Owen Brown, founder of the $282 million Solaris Capital Advisors, has shuttered the global macro shop after struggling with lackluster returns. Early last month, Brown joined Brevan Howard Asset Management as a senior trader.

Brown, a discretionary macro trader who uses both fundamental and technical analysis, formed Solaris in June 2000. Brown's Spectra Fund, a global macro strategy, had gained about 1% through October and reported an average net annualized return of 4.81%. Spectra Currency Only Platform had lost 2.1% through October. That program began trading in June 2002.

At Brevan Howard, Brown will be one of about 10 senior