Arrowgrass Won't Shut Stock Fund

Sep 23 2011 | 2:02pm ET

Despite having lost more than 90% of its assets, Arrowgrass Capital Partners wants to keep its equity hedge fund afloat.

London-based Arrowgrass has no plans to shutter the Equity Focus Fund, Reuters reports. It's also thrown its backing behind Andrew Billett, the former SAC Capital Advisors trader who runs the fund.

Equity Focus is down 14.5% this year after an 8.65% drop last month. Even worse, the fund is down to just US$30 million in assets, the Financial Times reports, from US$400 million at the beginning of the year.

While it doesn't plan to do away with Equity Focus, Arrowgrass has allowed investors to redeem in advance of their regular redemption dates.

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