Commerzbank AG has wound down its $1 billion fund of hedge funds management business, Comas (Commerzbank Alternative Investment Strategies), after abandoning a sale process run by Goldman Sachs. The bank has returned the assets to investors and let the team go.

A source close to Comas said 85% of the assets had been returned to investors by the end of December, and a handful of operational staff had been left to facilitate return of the remaining assets over the next three months.