Sunday, 23 October 2016
Last updated 1 day ago
Jul 18 2012 | 1:01am ET
Traxis Partners will liquidate the $300 million hedge fund managed by founder Barton Biggs, who died on Saturday.
The Greenwich, Conn.-based firm will sell the assets of the Global Equity Macro Fund. Investors will have two choices: to redeem at the end of the month, or to have their money invested in the Traxis Fund, which is run by the firm's three managing partners, Amer Bisat, Andy Skov and Krishen Sud.
Biggs' fund accounts for about one-quarter of Traxis' $1.2 billion. Like that fund, the Traxis Fund is a global macro strategy, although it also invests in fixed-income and currencies, and its stock portfolio is focused on emerging markets and healthcare funds.
Currently, the Traxis Fund has $200 million in assets under management.
"We recognize Barton’s death is a material event and as a sign of confidence to the firm, we are giving investors early redemption," Bisat said. "The reaction so far has been overwhelmingly supportive. There is no indicative of deep redemption from the firm."
Traxis has said it will remain in business despite Biggs' death and that it is "fully functional." In its letter to investors, the firm said that Morgan Stanley, where Biggs served as chief global strategist prior to founding the hedge fund in 2003, "remains a key strategic partner." The bank owns a 20% stake in Traxis.
Biggs, who was 79, succumbed to a bacterial infection.