The European activist investment firm Bluebell Capital Partners is closing its hedge fund, which had previously targeted prominent companies ranging from pharmaceutical giant GlaxoSmithKline to luxury goods giant Richemont. Giuseppe Bivona, co-founder of London-based Bluebell, stated on Monday that the firm is returning the capital of its mixed fund to external investors and will be restructuring the company. Bivona mentioned that the company will continue to pursue its activist investment strategy through joint investments and consulting mandates. He stated that Bluebell's fund size is insufficient to justify the management costs. Anonymous sources, citing undisclosed information, indicated that the fund typically manages assets ranging from 0.1 billion euros (0.105 billion dollars) to 0.2 billion euros.