Hedge funds keep on imploding

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Some brand-name hedge funds are having a terrible year.

BlackRock is winding down its Global Ascent Fund, a global macro hedge fund that once contained $4.6 billion in assets, according to Bloomberg’s Sabrina Willmer.

“We believe that redeeming the Global Ascent Fund was the right thing to do for our clients, given the headwinds that macro funds have faced,” a BlackRock spokeswoman told Business Insider.

The winding down of the Ascent fund is the second high-profile hedge fund closing in 24 hours. The Wall Street Journal reported Tuesday that Achievement Asset Management, a Chicago-based hedge fund, was closing.

It has been a perilous 12 months for the hedge fund industry, which has delivered financial-crisis-type performance despite there not being a financial crisis.

Numerous funds have fallen by the wayside, including the Fortress Investment Group macro fund led by Mike Novogratz.

Warren Buffett and Bill Gross are among the many who have weighed in on the poor performance.