The firm is also winding down its office in Hong Kong, four sources familiar with the matter said.
“After careful consideration, we have determined that it is in the best interest of the master fund, the offshore fund and the U.S. fund that all investors will be compulsorily redeemed and withdrawn,” said one of the letters, dated March 2, to investors of its flagship Mass Ave Global Partners Fund.
The letter did not cite a specific reason for the liquidations, which it said were expected to completed by June 30. It noted that Ray Guo, also known as Yirui Guo, co-founder of the company, resigned as head of research in February and Justin Dew, president, chief operating officer and chief compliance officer also left the firm last month.
The first distribution of proceeds to investors will start before June 30, the letter added.
The sources were not authorised to speak to media and declined to be identified. Mass Ave did not immediately respond to a…
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