Hedge fund Duff Capital Advisors has laid off approximately 80% of its staff, mostly form its investment teams, Dow Jones reports.

The fund, formed last year by former Morgan Stanley chief financial officer Phil Duff, was created as a place for hedge fund managers to operate under one central platform.

Almost since its inception, the fund has been plagued by bad luck and bad timing, and it has fallen far short of the money needed to make its intended investments.

Duff Capital had as many as 100 employees last year, but has slashed its workforce to about 20 people. The fund plans to stay in business, but an insider acknowledged it will take longer than expected to reach its goals.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.