Ben Melkman's Light Sky macro hedge fund is to close according to a report by The Wall Street Journal.

The fund, which attracted investor interest from several other hedge fund managers including Steve A Cohen and Daniel Loeb, started trading in March 2017 and had around USD1 billion under management.

The fund has averaged returns of around 1 per cent a year since launch, although its made around 7 per cent a year in the three years to the end of December 2021. 

The report says that Melkman, who made his name at Brevan Howard Asset Management thanks to a profitable bet on Argentina, has told some investors that the sort-term performance and redemption pressures that come with running a hedge fund are at odds with his style of investing.