Hedge Funds Spain
Two Fund of Hedge Funds Close in SpainTwo funds of hedge funds in Spain have closed, as the country's hedge fund industry continues to struggle. Basque savings bank Kutxagest closed its fund of hedge funds, Altair Multiestrategia; asset management firm Cygnus closed its fund, Cygnus Renaissance E&F, after massive withdrawals of its assets (totalling 34.7%). This is another hit to Spain's hedge fund industry which has been reeling during the economic turmoil.
BNP Paribas Asset Management has also reported the closure of the BNP Paribas Liquid Hedge fund, but in this case the fund never managed to gather more than €300,000 which rendered it inoperative.
Last month Banco Popular closed the fund of hedge fund Eurovalor Multigestión one year after launching it as the fund did not manage to get the minimum number of assets required by the Spanish regulator.
As Citywire has previously reported in the past the incipient Spanish hedge fund industry has been one of the biggest casualties of the credit crunch with a number of local players leaving the arena. Source
For more information on Spain see Spain Hedge Fund Guide
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