Ramius Liquidating Multi-Strategy Fund Of Funds

Apr 6 2011 | 12:15pm ET

Ramius Capital is pulling the plug on another multi-strategy vehicle.

The firm, now the hedge fund arm of investment bank Cowen Group, which Ramius acquired in 2009, has begun to liquidate its onshore Multi-Strategy fund of hedge funds, HFMWeek reports. The move comes almost a year after the firm decided to shutter its two multi-strategy hedge funds in the wake of a large redemption.

The demise of the Multi-Strategy FOF is not so much the result of redemptions as the lack of inflows. Investors haven’t warmed to the 13-year-old vehicle, which returned just 5% last year and 8% in 2009, years in which the average hedge fund posted double-digit returns. The fund currently has about $36 million in assets.

Ramius, however, retains a toe-hold in the multi-strategy space. The $140 million offshore version of the Multi-Strategy fund of funds will remain.


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