Eton Park is Shutting Down - NY Times

(Updated - March 23, 2017 12:41 PM EDT)

Eric Mindich's Eton Park hedge fund is shutting down due to industry headwinds and poor results, the New York Times reported Thursday afternoon.

"Recently, a combination of industry headwinds, a difficult market environment and, importantly, our own disappointing 2016 results have challenged our ability to continue to maintain the scale and scope we believe necessary to pursue our investment program consistent with our founding principles," Mr. Mindich wrote. "As responsible stewards of your capital, we have been unwilling to compromise on the business model and investment program in which you invested or the way in which we have pursued it."

The fund fell 9% last year and is flat so far this year.

The fund expects to return 40% of investors' main portfolio balance by the end of April.

Former Goldman Sachs Partner Mindich founded the hedge fund 13 years ago. It held $5 billion in long securities at end of 2016, according to filings.

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