|The Wall Street Journal reported today that Neil Barsky has decided to close his hedge fund Alson Capital Partners LLC after experiencing heavy losses and investor redemptions over the past year. In SEC filings, the firm reported that its assets invested in US-traded securities had dropped from $2,874 million at the end of 2007 to $188 million at the end of 2008.|
In a letter to investors, the WSJ reports that Mr. Barsky stated that "the investment environment is increasingly troublesome to me. Our expertise has always been in bottom-up stock picking, and there is no way to sugarcoat the reality that this strategy has not been profitable of late and there are few signs on the horizon that such skills will be rewarded soon."
In 1998, Mr. Barsky co-founded an absolute return fund called Midtown Capital Partners. In 2002, he split with his partner and created Alson. Mr. Barsky began his professional career as a reporter for the Wall Street Journal before joining Morgan Stanley as a research analyst in 1993.