(Bloomberg) -- Weiss Multi-Strategy Advisers LLC filed for bankruptcy about two months after the New York-based investment management firm announced it was winding down operations.

The firm has between $10 million and $50 million in assets but owes creditors as much as $500 million, according to its Chapter 11 petition, filed in federal court in Manhattan. 

George Weiss founded the firm in 1978 and it managed $3.1 billion as of mid-2023, according to With Intelligence. The company chose to file bankruptcy after examining all of its short and long-term options, Weiss said in the bankruptcy filing. 

In early March he told clients the firm had wound down the vast majority of the portfolios it managed.

The case is Weiss Multi-Strategy Advisers LLC, 24-10743, US Bankruptcy Court, Southern District of New York (Manhattan).

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