Edward "Eddie" Perlman founded Scottwood Capital Management on December 1, 2001 and built the hedge fund into a firm with more than $980 million in assets under management and fifteen employees. His 10-year track record of almost 12% net annualized gains exceeded the 6% average return of hedge funds and the 0% return of the S&P 500 index during the same period. Scottwood closed in July 2011, and immediately gave back all of its outside investors' money at that time. Today, Mr. Perlman manages only private capital in the Perlman Family Office fund, which he opened December 1, 2012. Since inception, returns have topped the S&P 500 and most hedge fund indices. The firm has garnered a top ten ranking for investment performance among event-driven managers from the fund tracking services and data gathering firms in the asset management industry. The Perlman Family Office fund closed to new investors January 1, 2016.