Denver-based Choice Investment Management is throwing in the towel on its struggling mutual finds and turning its attention solely to hedge funds.

Choice Investment founder Patrick Adams told the Rocky Mountain News that he has closed the Choice Focus fund, and is set to shut down the Choice Market Neutral and Choice Long-Short funds. The three had just $10 million in combined assets.

The firm is focusing on hedge funds instead.

"There are too many mutual funds out there," Adams told the paper. "For us, it's not a business we see as profitable. On the other hand, in the hedge fund business, that's something that's very attractive." 

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