Ex-Lehman Brothers executive to shut down major hedge fund

A he൩dge fund run by former executives of Lehman Brothers reportedly plans to close down after devastating client withdrawals.

New York-based River Birch Capital, co-founded by former Lehman President and Chief Operating Officer Bart McDade, is returning client capital after losing a key investor, Bloomberg reported, citing sources. McDade was✅ president of Lehman when it 🌳filed for bankruptcy in September 2008.

The credit-focused fund’s reps didn’t respond to phone and𝄹 e-mail messages, according to Bloom🉐berg.

Hedge fund returns declined 0.35 percent in November, and the beleaguered industry is down 3.62 percent for t𓄧he year꧂, according to figures from Bloomberg.