Grant Capital Partners is being shut down. This hedge-fund manager wind-down is brought to you by Geoff Grant, one of the same gentlemen behind Peloton Partners" enormous fall. Fun fact from the FT's Sam Jones: Grant Capital eschewed the asset-backed securities and heavy leverage that led to the downfall of Peloton and focused on highly liquid instruments such as currencies, bonds and interest rate derivatives. While funds that specialise in trading mortgages have enjoyed some of their best returns in the past two years, global macro funds have floundered. Oops. Sam adds: In a letter to investors, a copy of which was seen by the Financial Times, Geoff Grant, founder of the $1bn firm, said he did not have an "edge" in the current markets. It is an admission that is gaining frequency among the big operators in the hedge fund world. According to an investor, Grant Capital's flagship Liquid Macro fund, which specialises in trading around global economic trends, is down 6.2 per cent so far this year after losing 1.7 per cent last year. The fund is still up 7.39 per cent since its inception. Grant Capital confirmed that the fund was being wound up. We somehow doubt this is the end of such admissions. Related links: Founder of failed Peloton fund attracts new line of investors - FT The hedgie's life goes cold for Coffey - FT Alphaville