The hedge fund set up by a former Nomura trader is closing its doors after two years of poor performance.
Financial News reported that Occitan Capital Partners, which was launched in 2010 by former Nomura senior equity derivatives trader Herve Gallo and former Boussard & Gavaudan trader Thomas de Garidel-Thoron, has returned most of the money back to investors. The firm will close in the “next few months.”
Occitan lost 2% in 2011, and declined an additional 14% in the first nine months of 2012. The firm blamed the poor performance on the “tough year for macro and volatility-based strategies.”
One of the largest hedge fund launches of 20141, Occitan received seed capital from both Nomura and Reservoir Capital Group. It managed more than $1 billion at its peak.