(Reuters) – Quantitative fund manager AJO Partners said it plans to shut down its business at the end of the year and return money to its clients after steep losses in several of its value funds, the Financial Times reported on Wednesday.
Ted Aronson, the founder of the group which manages $10 billion in funds, told investors that AJO would stop trading on Nov. 30 before winding down its business on Dec. 31, the newspaper said, citing an investor letter.
The resolution to close was driven by “market forces,” Anderson wrote, adding “the drought in value – the longest on record – is at the heart of our challenge,” the newspaper said.
AJO Partners did not immediately respond to a request for comment.
(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Devika Syamnath)
