Thames River Asks Shareholders To Close Fund Of Funds

Aug 7 2012 | 2:55pm ET

Thames River Capital plans to close a listed fund of hedge funds next month.

The fate of the Multi Hedge Fund, managed by Ken Kinsey-Quick, will go to a shareholder vote on Sept. 11. The £54 million fund’s performance suffered last year and it has traded at a consistent discount—currently 12%—this year.

“The board of the company outlined proposals for a managed wind-down which, if approved by shareholders, will lead to realizing the company’s investments and returning the cash to over time,” Thames River said.

Kinsey-Quick invested most of the fund’s assets in long/short equity hedge funds, with additional exposure to multi-strategy and credit managers. The fund debuted in 2004.

The expected closure of the Multi Hedge Fund is the second time in as many years that Thames River has shut a Kinsey-Quick-helmed fund; last year, his Absolute Return Fund got the ax due to lack of investor interest. He continues to manage four other funds of funds at Thames River.

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