The U.K.'s Rubicon Fund Management LLP is closing its flagship global macro hedge fund and cutting jobs after two decades amid losses and investor redemptions, the Financial Times reported.
Launched in November 1999, the Rubicon Global Fund seeks to identify medium-term economic and financial imbalances and to capture the available opportunities in their re-pricing by taking directional long and short positions in fixed income, foreign exchange, equity and commodity markets.
The fund returned 44% during the 2008 recession and posted double-digit gains between 2014 and 2016. In 2017, however, it lost 35% but finished up 2% in 2018, according to the report.
Rubicon plans to focus on its $100 million Dynamic fund, a long-only, systematic asset allocation fund that combines valuation and momentum models to invest across nine asset classes and cash, without the use of leverage.