Hedge fund management firm for two San Antonio pension systems closes
The closure of Los Angeles-based macro hedge fund firm CommonWealth Opportunity Capital GP LLC will not impact its two public pension system clients in San Antonio.
The funds will most likely move to another manager. The funds' beneficiaries also should not see an impact by the firm's shutting.
According to a July 26 Reuters report
, CommonWealth's closure follows a loss of about 2.7 percent this year through mid-July in one of its hedge funds. The firm was launched in 2008 and produced average annual returns close to 10 percent. The news agency says many macro hedge funds struggled this year, reporting that the HFRI Macro Index is down 0.73 percent this year through June and fell 2.4 percent during the 12 months prior.
The firm's leader, Adam Fisher, is joining Soros Fund Management LLC.
Allen Jones is the communications and public relations manager for TEXPERS
. He has a bachelor's degree in journalism and communications. He is a former community journalist and editor. He previously worked for the Houston Community Newspapers group, international community lifestyle magazine publisher Hibu, and was a freelance writer for the Houston Chronicle.