Avantium Investment Management, the emerging markets hedge fund run by former Deutsche Bank global macro chief Kay Haigh, is shutting its doors.

Avantium Investment Management, the emerging markets hedge fund run by former Deutsche Bank global macro chief Kay Haigh, is shutting its doors. The London and New York-based firm has been hard hit as investors have fled emerging markets funds in recent months.

Avantium told Financial News that it will return capital to investors as soon as possible. It is unclear how much money remains at the firm, which managed around $800 million less than a year ago, but has since been hit by severe outflows, the firm said.

“As appetite for dedicated emerging markets funds decreased, there was an erosion of our assets that compromised our ability to provide an institutional offering,” explained Lucy Blair, Avantium's head of marketing and investor relations, to FN.

Avantium was set up by Haigh in 2011, and currently employs 17 people, including eight Deutsche Bank veterans led by chief executive Arnd Sieling.