New York City-based alternative shop YG Partners has closed its doors following the departure of portfolio manager Jason Young, Citywire has learned.
The firm is in the process of liquidating its strategies and returning money to investors.
As a result the firm has also been removed as a subadvisor on the $197.8 million JPMorgan Multi-Manager Alternatives fund.
That fund is still managed by Christopher Marshall, Randy Wachtel and Paul Zummo and 11 other subadvisors including Chilton Investment Management, Graham Capital Management and Brigade Capital Management.
The firm has also been taken off of the roster of subadvisors on the $966 million Goldman Sachs Multi-Manager Alternatives fund, following Young's exit.
Young, who owned 50% of YG Partners, is understood to have joined another New York City-based hedge fund.
YG Partners was launched in July 2013, with $30 million of seed capital of hedge fund firm Tiger Management, and at its peak managed $315 million of assets. Tiger would go onto make further investment in the business.
Other than its two subadvisor relationships, YG also had two proprietary funds, which were launched in 2016: the YG Partners fund and the YG Enhanced fund.
It also ran a separately managed account for an endowment and two offshore offerings: the YG Offshore fund and the YG Enhanced Offshore fund.
A YG spokeswoman confirmed that all investors had been notified the firm was shutting down and all assets were being returned.