In a move that may indicate investment advisors are rethinking their footing within the registered hedge funds-of-funds marketplace, Aspen Strategic Alliances (ASA) of Atlanta, advisor to four hedge funds-of-funds that commenced operations less than one year ago, will pull the plug on the funds, liquidate assets and return investments to investors.

"We have decided not to continue in the public hedge fund marketplace and to focus our efforts in the private fund marketplace," said Ken Banwart, chairman and CEO of Aspen Strategic Alliances, which also manages private hedge funds. "It is not the environment that we perceived we were getting into," he said. "The public fund marketplace is not a good place for smaller companies, and with 11 employees, we are definitely small."

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