Avendus to wind down its hedge funds business; vertical head to move out

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Avendus Capital is shutting down its hedge funds business, and Andrew Holland, who was heading the vertical, is moving out of the firm.

 

Avendus Capital said that while its products in structured credit, private equity, and long-only public markets continue to garner significant investor interest, its hedge funds have not seen as much traction.

 

"After a careful strategic review, and with our investors' best interests in mind, we have taken steps to realign our offerings in the asset management space, in keeping with evolving market dynamics. We have decided to wind down our hedge funds business and concentrate our efforts on expanding the aforementioned strategies within Avendus Asset Management," the statement said.

 

The statement added that Andrew Holland, who was heading the hedge funds business, will be transitioning out of the firm.

 

Avendus Capital had two funds—Avendus Absolute Return and Avendus Enhanced Return—under its hedge funds business.

 

Holland is likely to exit the company by the end of February.