Macro hedge fund firm Athanor Capital has begun returning client cash to transition into a family office. Named after the heating furnace used by alchemists, the firm was founded by ex-D. E. Shaw & Co. senior Vice President Parvinder Thiara and had assets under management of nearly $1.8 billion at the start of the year and mainly focused on interest rates, commodities, and equities markets.
This decision comes after the recent death of Athanor president and founding partner Hilario Ramos in August. He served as the firm’s chief operating officer(COO) and chief compliance officer(CCO).
Many hedge funds have struggled to perform since the start of the pandemic two years ago with more than 350 shutting their doors this year alone, according to the data compiled by Hedge Fund Research Inc. The Athanor Master Fund was one of the worst performers in the global market in March 2020, declining by approximately 20 percent. According to Bloomberg, the fund recovered some of its losses and ended 2020 at -3.6 percent. However, it reported a further decline of 13 percent through May and is still in the red for 2021. This is in sharp contrast to its performance in 2018 and 2019 when it gained 8 and 22 percent respectively.
Athanor becomes one of the several firms including Field Street Capital Management and Sloane Robinson that have recently returned external client capital. Athanor representatives declined to comment on this matter.