Centaurus Capital Ltd., a London-based hedge-fund manager that bets on corporate takeovers, is returning money to clients to allow it to make investments without seeking the support of its outside backers.
“We are keen for the investment flexibility that running our own money will deliver,” Randel Freeman, Centaurus’ chief investment officer, said in a statement today. “We are extremely grateful for the support of our investors.”
Centaurus manages less than $500 million, said two people with knowledge of the matter who asked not to be identified because the firm is private. The company was started in 2000 by former BNP Paribas SA traders Freeman and Bernard Oppetit.
The Centaurus Global Event Opportunities Fund gained 4.2 percent through March of this year after rising 11 percent in 2012, the people said.
Other event-driven hedge funds, which bet on corporate actions including mergers, bankruptcies and share buy-backs, advanced 3.9 percent on average in the first quarter and 8.9 percent last year, according to Chicago-based Hedge Fund Research Inc.
To contact the reporter on this story: Jesse Westbrook in London at firstname.lastname@example.org;
To contact the editor responsible for this story: Edward Evans at email@example.com