Adam Sender’s Exis Capital is closing. Sender, with the help of Todd Levin, was one of the first hedge fund managers to become heavily involved in the art market.
Sender claims an unfair lawsuit hindered his ability to raise funds but the former colleague of Steven Cohen is showing that the Wall Street Journal’s recent story about hedge fund players in the art market may have been a classic moment of a news story marking the end of a trend as more and more hedge fund players who were once prominent collectors—Cohen, Sender, Ganek—retreat from the hedge fund business:
Founded by Mr. Sender, an early employee of SAC Capital Advisors LP, the 16-year-old Exis once managed more than $1 billion but managed only about $75 million at the end of last year. The firm lost 5.1% last year, according to a fund document.
Exis’ investment strategy was to bet on the direction of instruments experiencing volatility, such as U.S. stocks, oil or gold.
Investors hadn’t been notified as of Sunday, according to one of the people.
It was unclear Monday why Mr. Sender has decided to shutter the firm or what his plans are. Some of Exis’s employees will be retained, the person said.