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’Hedge funds face loss of investors
Hedge funds are braced for massive withdrawals by wealthy clients as the sector’s worst year prompts a flight to the safety of cash, according to investors and managers, reports the FT. Even hedge funds that have ridden out the crises are facing redemptions,
Drake to shut remaining funds
Drake Management, the $11bn New York-based hedge fund manager, is to shut its two remaining funds after failing to secure investor support following losses. Drake, which decided in April to close its flagship fund,
New funds cut fees to counter old losses
A growing number of hedge fund managers are trying to persuade investors to back new ventures by offering discounted fees to help make up for losses at failed funds. The latest are the $3bn London hedge fund Endeavour Capital and the $2.5bn flagship fund of New York’s Drake Management (see separate report),
Another hedge fund in trouble
Drake Management is to close its $2.5bn flagship hedge fund after investors failed to stump up enough to keep the formerly high-flying New York fund operating.
James Mackintosh reports in the FT:
Drake,
Crisis hits Drake hedge funds
Another three big hedge funds have been forced to close down or to suspend investor withdrawals as the credit squeeze persists, also plunging several other funds into crisis. Drake Management, a $12bn New York manager,
Drake limits hedge fund cash requests
Drake Management has limited withdrawals from its flagship hedge fund after investors in the high-flying New York-run fund – one of the best performing in 2005 – tried to pull out almost $1bn earlier this week.