Sunday, 24 July 2016
Last updated 1 day 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.