Peloton Partners, the stricken London hedge fund manager, told investors Wednesday that its flagship $2bn fund was worthless and that it did not know how much would be left of its remaining $1.6bn fund after banks seized and sold some of its assets. In a conference call Ron Beller, co-founder, set out reasons for the collapse, made an emotional apology to investors and revealed that just last month, staff and partners invested $73m in the ABS fund. In total, partners and staff had $127m invested, $117m of it from Beller, co-founder Geoff Grant and a third partner.
