Thematic hedge fund is shut down

Sarasin & Cie has closed its Thematic Hedge Fund due to the poor outlook for generating returns from the global long/short fund in the future.

Ivo Forde, head of communications at the private bank, said the fund's -6.04% performance since its inception on 31 August 2001 had been 'middle of the pack' compared with its peers, although outperforming the MSCI World index's 28% fall over the same period. The fund never rose above its price at inception. While it had been $100m in size, Forde said the