Hedge fund firm Exis Capital is shutting its doors following disappointing performance last year.
The Wall Street Journal reported that the New York-based firm, which lost 5.1% in 2013, has not notified investors of the decision as of last month. It was not disclosed why Exis Capital founder Adam Sender is closing the hedge fund nor his plans after the firm’s closure.
The article added that Sender has expressed in the past that Fairfax Financial Holdings’ lawsuit against Exis and other hedge funds may have affected the firm’s ability to raise assets. Toronto-based Fairfax Financial alleged that it was targeted in a short-selling conspiracy by the group; a New Jersey State Court judge dismissed the suit against Exis and Sender in 2012.
Sender, also an avid art collector, founded Exis more than 16 years ago after working at Steve Cohen’s SAC Capital Advisors. Exis, which once managed more than $1 billion in assets had about $75 million in AuM at the end of 2013.