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Jack Meyer’s Convexity Shutting Down
The legendary former Harvard endowment CEO is returning capital, the firm has told investors.
The hedge fund firm started by former Harvard endowment chief Jack Meyer is shutting down, according to communication sent Thursday to stakeholders.
Convexity Capital Managementhad undergone serious capital redemptions for a number of years, but a staff member foremost blamed markets for the closure. The Boston-based firm managed $14 billion at the start of 2014,$8.2 billion two years later最后,43亿美元f 2016,亚博赞助欧冠previously reported.
[IIDeep Dive:Jack Meyer’s Convexity Continues to Suffer Asset Drain]
On Thursday, a Convexity employee contacted one stakeholder to inform them that the firm was going out of business. The staff member attributed the decision to declining volatility, particularly in the first quarter of 2019, which led to redemptions and reduced potential for new capital inflows.
The employee said that Convexity had expected the market to begin to act rationally, but that it had not.
The portfolio has sufficient liquidity to wind down quickly at an acceptable price, according to the communication, whichIIreviewed.
Meyer did not immediately respond to a voicemail seeking comment.