FLAGSHIP HEDGE FUND TO CLOSE – Hedge fund Eclectica Asset Management is reportedly closing down to due to a significant reduction in assets under management. In 2013 the fund had around $1bn AUM, however in more recent times the estimated AUM fell to around $120mn. @Hugh Hendry who founded the fund in 2005, gained huge recognition by betting against the financial sector giants in the U.S and Europe during the financial crisis, which saw returns of 31%. Before announcing, the fund was reportedly down -9.4% for the year to date through the end of August. The news has prompt an investor letter which formally notifies registered account holders of the redemption process. Despite the “difficult decision” to close the fund, Hendry’s view on the market remained positive, saying “the implications of a sustained bout of economic growth are good…because it should continue to underwrite a continuation in the positive performance of global equities.” #SpartanInternational