Friday, 31 October 2014
Last updated 9 hours ago
May 6 2008 | 11:48am ET
The credit crisis is forcing one hedge fund manager into early retirement.
Dwight Sipprelle, who led Morgan Stanley’s high-yield group before founding Arx Investment Management six years ago, told investors last month that he is shuttering his $1.2 billion Arx Global High Yield Master Securities Fund and retiring from the money management business.
“Asset liquidity is the worst in my career,” Sipprelle wrote. Most of the fund’s asset will be returned to investors “shortly following the end of the second quarter,” with some set aside until a final audit is complete.
The 50-year-old father of five is the second Sipprelle to get out of the hedge fund business in recent months. His younger brother Scott shuttered his $966 million Copper Arch Capital in November.
Through the end of March, Arx Global returned some 150% to investors since inception in February 2002.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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