19/11/2009

MMG closes offshore version of flagship fund

Money Management Group (MMG), the San Francisco-based $200m hedge fund manager, is in the process of liquidating its offshore version of its flagship hedge fund, HFMWeek has learned.

A liquidation filing from the Cayman Islands, revealed that CRG Partners Ltd is winding down, however, an onshore version of the fund is still running.

According to a person familiar with MMG, the decision was made to close after the fund faced investor redemptions. The fund traded G10 foreign exchange, G10 sovereign debt, equity indices, energy and metals, and was up 1.93% YTD through August.

At the end of 2004, the fund managed assets of more than $1bn, according to BarclayHedge data. Since then assets under management have steadily decreased, prompting the decision to liquidate the fund.

Chuck Gruye is CIO of MMG. Before becoming the sole owner of MMG, he formed RMG Inc, an investment manager. Previously he worked at RC Brown, an SEC-registered investment advisor, where he was co-head of fixed income proprietary trading and later elected to the board of directors of affiliate Pacific Securities. Prior to that, he held tax-exempt bond roles at Bank of America and Morgan Guaranty Bank (now JP Morgan).