Fairfield Shutters Multi-Strat Offering

Jan 22 2008 | 10:16am ET

Fairfield Greenwich Group, the $16 billion New York-based hedge fund, has liquidated its Fairfield Parabolic Partners Fund, a multi-strategy arbitrage offering.

A source with knowledge of the situation said the principals of Parabolic Partners Capital Management–the sub-advisor to the fund–decided to close shop last month despite the fact that the fund had positive performance since inception. “This was not a case of ghastly performance or anything of that nature,” said the source.

The $81.7 million fund, which was launched in September 2005, last year fell 4.55% through November. In 2006, it returned 11.90% and finished 2005 up 0.24%, according to BarclayHedge.

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