Meredith Whitney's fund in turmoil: Report

Meredith Whitney speaks during an interview at the annual Milken Institute Global Conference in Beverly Hills, Calif.
Patrick T. Fallon | Bloomberg | Getty Images
Meredith Whitney speaks during an interview at the annual Milken Institute Global Conference in Beverly Hills, Calif.

Financial analyst Meredith Whitney's hedge fund firm, Kenbelle Capital, seems to be in trouble a little more than a year after it launched.

Two executives have left the fund, and its biggest investor, a group tied to BlueCrest Capital Management, has requested to redeem its investment—not once, but twice—sources told Bloomberg.

A LinkedIn profile indicates that Kenbelle co-founder and portfolio manager Stephen Schwartz left in November. Kenbelle CFO Andrew Turchin has parted ways as well, a person familiar with the matter told Bloomberg.

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Kenbelle invests in U.S. equities and targets annual returns of 12 percent to 17 percent. But Kenbelle's American Revival Fund lost 4.7 percent through the first half of the year, according to a July investor letter, Bloomberg said. The American Revival Fund invests in stocks following national trends.

Whitney rose to prominence for her prediction on Citigroup's mortgage troubles leading up to the financial crisis while she was an analyst with Oppenheimer.

Hedge fund shut downs have escalated in 2014 after another year of relatively weak returns. Through September, 661 hedge funds have closed this year. But hedge fund industry assets have still increased overall this year—gaining about $190 billion in capital through October.

Read the coverage on Bloomberg.