Second Sipprelle Gets Out Of Hedge Funds

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.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...