By Svea Herbst-Bayliss
By Svea Herbst-Bayliss
BOSTON, Dec 22 (Reuters) – Activist hedge fund Marcato Capital Administration, backed by Blackstone Group BX.N and billionaire William Ackman, is shutting down as belongings have shriveled after two years of poor returns, sources mentioned on Sunday.
Richard McGuire, the agency’s founder and portfolio supervisor, started telling buyers of his resolution to return exterior capital late final week, and expects to ship the cash again shortly as a result of the portfolio is now largely in money, the sources mentioned on situation of anonymity.
McGuire had been promoting positions during the last months to fulfill redemption requests.
A spokesman for Marcato declined to touch upon Sunday.
The choice marks the tip of a nine-year run for one of many hedge fund trade’s most celebrated newcomers who launched in 2010 with the backing of Blackstone Group, the world’s largest hedge fund investor, and Ackman, his former boss at Pershing Sq. Capital…