One of Chicago’s biggest hedge funds is shutting down, victim of a brutal pullback for energy bonds pummeling Wall Street investors and international oil companies alike. The roughly $900 million hedge fund at Achievement Asset Management, run by former UBS Group AG executive Joseph Scoby, was down about 7% through the end of October. Mr. Scoby said he opted to hand back the remaining cash rather than “run a laboratory with investors’ money.” “Obviously, we did not make money in credit,” Mr. Scoby said. “The thing you zero is on is the crowded nature of this market.” Achievement, which had more than $2 billion under management in mid-2014, is the largest hedge-fund casualty to date from the reversal of a trade that was supposed to carry the year for many star investors. Many managers spotted an opportunity over the past year in beaten-down debt from energy companies hit hard […]