Launches & Closures Funds of Hedge Funds

Alstra closes as largest client moves its investment in-house

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Alstra Capital Management, run by Zack Bacon, brother of Moore Capital Management's Louis Bacon, is shutting down, according to SEC filings for the Max Capital Group.

New York-based Alstra's largest client was Max Diversified, which held all of the alternative assets, except a re-insurance private equity investment.

Max Capital has decided to reduce its target allocation to alternatives to between 10% and 15% of total assets from a previous target of 15% to 25%. Because of this, the Max Group has decided to manage Max Diversified's assets internally and will be hiring some research personnel from Alstra and