British-Based Hedge Fund Down By Half In January

Feb 28 2008 | 8:05am ET

A London hedge fund is down by more than 50%. In January.

Richmond Capital, which managed €350 (US$524 million) before last month, was battered during the first month of the year, one of the worst in the history of the hedge fund industry, with the average fund falling by about 2%.

The Wall Street Journal first reported the disaster at Richmond, founded three years ago by Egerton Capital veteran Luca Bechis.

The concentrated long/short fund was flat last year after posting double-digit gains in its first two years.

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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…