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(Bloomberg) — Wyeth Multi Strategy Advisors LLC, a New York-based investment management firm founded in 1978, is winding down.
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“Every journey has its ups and downs, and after careful consideration of various factors and circumstances, we have made the difficult decision to end this journey,” said George Weiss, founder and CEO of the company. stated in a letter to partners.
Weiss said the company has “diligently pared down a large portion of our customer portfolio.”
A company representative declined to comment.
Multi-strategy funds deploy multiple teams to manage money across a variety of investment strategies.
Weiss had $3.1 billion under management as of mid-2023, according to Wiz Intelligence, which first reported on the plan. The trade publication said the fund lost 0.6% in 2022 before gaining 6% in 2023, while the average multi-strategy, multi-manager fund rose 8% last year.
A Goldman Sachs report released last month found that investor appetite for nearly all hedge fund strategies has declined this year compared to 2023, when total inflows were already at record lows.
According to the report, investor interest in multi-strategy funds has declined since peaking in 2023, with 16% of those surveyed saying they plan to invest in the strategy, compared to 31% last year. there were. Meanwhile, 7% of customers said they plan to redeem this year, up from 4% in 2023.
“We believe that the strategy’s strong multi-year inflows and somewhat soft performance over the past year are driving this decline in interest,” Goldman wrote.
–With assistance from Mark Bergen.
(Adds funding context starting in paragraph 5.)
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