Corzine To Close Hedge Fund, Return Money To Investors

Jon Corzine will shutter the hedge fund he started after the collapse of MF Global Holdings, marking the end of his bid to rebound from one of the largest bankruptcies in US history, Miles Weiss reported for Bloomberg News.

A former co-chairman of Goldman Sachs Group Inc., Corzine also served as a US senator and governor of New Jersey before taking the top job at MF Global in 2010. I Photo: Tony the Misfit Flickr

JDC-JSC, Corzine’s New York-based money-management firm, terminated its registration with the Securities and Exchange Commission (SEC) as of September 22, as indicated on the agency’s website.

The firm’s sole investment vehicle, the JDC-JSC Opportunity Master Fund, had gross assets of about $510 million, including leverage, at the end of last year. "I have decided to wind down the Opportunity Fund and return capital to my investors," said Corzine, aged 76.

"I am grateful to our team for their hard work and dedication during the past several years."

A former co-chairman of Goldman Sachs Group Inc., Corzine also served as a US senator and governor of New Jersey before taking the top job at MF Global in 2010.

He had hoped to turn the futures broker into a Wall Street powerhouse, only to see the firm buckle under a cash crunch tied to proprietary bets on European sovereign debt. MF Global was forced to file for bankruptcy in 2011.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem