Commodity hedge fund Higgs Capital closes

New York

COMMODITY hedge fund Higgs Capital Management, founded by two former bank commodity executives, will wind down and return money to investors as it faces headwinds raising money, joining other commodity funds that closed this year.

The fund will return investor money and will wind down in an "orderly fashion", its founders, Neal Shear and Jean Bourlot said in a note to investors on Monday. Higgs managed some US$250 million and invested in energy, metals and agriculture markets, Mr Shear said. "Over the life of the fund, we made money," he said. "Our closing is largely a factor of redemptions that are happening in the commodity market and lack of stability of our capital."