(Reuters) – Quantitative fund manager AJO Partners announced that it would end its business at the end of the year and return money to its clients after heavy losses on 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 will cease trading on Nov. 30 before it ceases business on Dec. 31, the newspaper said Appeal to an investor letter with.
The resolution to close was driven by "market forces," wrote Anderson, adding that "the drought in value – the longest ever recorded – is at the heart of our challenge," the newspaper said.
AJO Partners did not immediately respond to a request for comment.
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