Narragansett Closes Its Doors

Sep 30 2006 | 9:10am ET

Lost among all the ink spilled over the Amaranth Advisors disaster is the demise of another billion-dollar hedge fund. New York’s Narragansett Asset Management is closing shop – for now – and has liquidated 80% of its portfolio, aiming to return funds to investors by the end of this month.

The fund, which took in $250 million in new money less than a year ago, was down 2% this year, according to a letter to investors from manager Joseph Dowling.

Dowling apparently plans to take a year or year-and-a-half off and then will “take a fresh look at our historical investment results and fine-tune my investment strategy.”

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…