LONDON (Reuters) - BlueBay Asset Management said on Thursday it planned to shut its $1.4 billion Macro Fund as fund manager Neil Philips is leaving.
“After careful consideration, and in the best interest of investors, BlueBay will close the Macro Fund and return all capital to investors,” BlueBay, a unit of Royal Bank of Canada (RY.TO), said in a statement.
Macro hedge funds focus on major economic trends and bet anywhere they see value, including stocks, bonds, currencies, commodities and derivatives markets.
London-based BlueBay, which manages nearly $66 billion, had launched the macro fund in 2009.
Reporting by Nishant Kumar; editing by Simon Jessop