WEST PALM BEACH, FL (HEDGECO.NET) – A Denver based hedge fund manager named Jerry Peterson announced he will be closing his two hedge funds as he prepares to retire from active money management.Peterson has been managing money for about four decades; he launched Agger Capital Management three years ago. Peterson said the hedge fund assets have been returned to its owners this pastSeptember. He said, “I’ve been doing this for 40 years, and I’ve done quite well, I’ve just had enough and want to do something else.”
Peterson formerly worked for Denver Investment Advisors; he managed the firm’s Westcore Select mutual fund. Peterson said running a hedge fund could be stressful, “The business is becoming more volatile, and it’s becoming more difficult,� adding, �If you can stand the volatility, you can do quite well,” he said. It is unclear how Peterson�s hedge funds performed, no details were provided on the performance of such funds. Peterson declined to reveal the funds’ performances or details of their strategies and assets.
This move comes as a surprise at the time when hedge funds continue to attract the interest of all investors, and new hedge fund assets are reaching record levels. The average hedge fund gained about 3.3% year-to-date to October according to published hedge fund reports, eventhough hedge funds have provided mediocre returns so far in 2004.
George Van, Chairman of Van Hedge Fund Advisors International, said “While conditions have been more difficult for hedge fund managers this year than last, hedge funds are still holding their own relative to stocks.”
Peterson said, �I want to enjoy myself and try something else, there are other things in life than managing money.” Peterson owns properties in Vail, Maine and Wisconsin.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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