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Blue River To Close Muni Fund
March 12, 2008
Sometimes, a bailout isn’t enough. Colorado-based Blue River Asset Management will liquidate its $1 billion municipal bond hedge fund, in spite of the $110 million lifeline arranged by JPMorgan Chase last month.
The firm plans to inform investors about its plan for an “orderly liquidation” today, according to Reuters. What’s left of the fund’s capital will be returned to investors.
The money raised from new and existing investors by JPMorgan will not go to waste: Blue River is planning a new domestic fund in order to stay in business.
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