Launches & Closures Funds of Hedge Funds

Ruehl decides to shut down Gleacher business

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Following the sale of Gleacher Partners to Broadpoint Securities Group in March, Bruce Ruehl, chairman and chief investment officer of Gleacher Fund Advisors, the funds of funds business, has decided to shut down the operation.

Ruehl, who was previously with Tremont Capital Management and a veteran of the funds of fund industry, made the decision to wind down the business rather than spinning it out because of the global environment of redemptions at the start of 2009. This saw assets shrink from $800 million at its peak to nearly half that amount.

Additionally, as some 80% of the