Space Hedge Fund To Close

Albireo Asset Management, the Toronto-based firm running what is believed to be the first hedge fund focused on the space and aeronautics sector, will cease trading and close its fund next month. TheAlbireo Space & Aeronautics Fundwas rolled out in April andSteve Rogers, founder, hoped it would open with CAD2-5 million (iialternatives.com, 2/10). In fact, it launched with around CAD500,000. The fund struggled to gain ground, and returned -4.55% in August. Through Sept. 30, it returned -1.86% (iialternatives.com, 10/6).

"I have decided to go back to traditional employment and manage money on someone else's payroll," Rogers wrote in an email to investors. Having closed the fund, he will take up a position at Toronto-based mutual fund firmMavrix Asset Management. Rogers could not be reached at press time.