Zurich-based investment boutique Green Ash Partners is to close the Chanos Equity Long-Short fund, a UCITS fund it launched with famed short-seller Jim Chanos in October 2022, according to a report by CityWire.

The decision comes after Chanos announced earlier this week that he is shuttering the main hedge funds at his New York-based firm Chanos & Company as he believes the long-short investment model is no longer viable.

The report cites a spokesman for Green Ash, which operates as the institutional arm of Zug-based Woodman Asset Management, as saying that: "The UCTIS version will unfortunately be closing, in line with Jim’s decision to cease his direct fund management activities".

The UCITS fund, which currently has $37.5m (CHF33.1m) in assets under management, lost 7.7% over the year to the end of October 2023, which compares to a 0.4% average for funds in the Long-Short Equity sector over the same period.