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[NEW YORK] BlackRock Inc is shutting down its Global Ascent Fund, a hedge fund, following a trying year for other similar investment strategies, the company said on Wednesday.
The once-multibillion-dollar fund had fallen to under US$1 billion this year as managers struggled in the "macro" hedge category that bets on interest rates, currencies, commodities, fixed income and stocks.
News emerged in October, for instance, that the Fortress Investment Group would shutter its global macro hedge fund. "We believe that redeeming the Global Ascent Fund was the right thing to do for our clients, given the headwinds that macro funds have faced," BlackRock said in a statement.
The firm said it is committed to macro investment capabilities within its other strategies and has "closed, on average, over 200 funds a year" after an evaluation of its products' "alignment with client interests."
News of the closure was first reported by Bloomberg.