Monday, 29 August 2016
Last updated 2 days ago
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.”