Top hedge fund said to shut emerging markets fund after losses

Geraldine Sundstrom is leaving Brevan Howard Capital Management LP and the firm is shutting her hedge fund after it lost money amid a rout in emerging markets, according to a person with direct knowledge of the decision.

Bloomberg News reports that Sundstrom’s Brevan Howard Emerging Markets Strategies Master Fund declined 15% last year after a sell off for bonds and currencies, said the person, who asked not to be identified because the matter is private.

Her fund, which had $2.7bn in assets as of last June, fell another 1.6% in January after investor concerns that emerging markets would continue to decline, the person said.

Emerging-market stocks have posted their worst start to a year since 2009, as China’s economy slowed and the devaluation of the Argentine peso accelerated the selloff. Sundstrom, 39, is among managers who’ve been hurt by the market turmoil, which has been exacerbated by concerns that the U.S. Federal Reserve would continue reducing its monthly bond buying.

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