BlackRock has become the latest investment house to close a macro hedge fund after its $1bn vehicle suffered its worst-ever performance and investor outflows.
The world's largest asset manager said it is returning money to investors within its Global Ascent fund, which makes bets on bond and currency markets.
The decision to wind down the fund, which trades instruments based on changes in economic policy, comes a month after Fortress Investment Group announced the closure of its $2bn flagship macro fund.
The Fortress fund, managed by Mike Novogratz, had been one of the worst performing large hedge funds in the world this year. Its assets under management had fallen from as much as $8bn at its peak to under $2bn as a wave of investors redeemed their money.