Contrarian Capital Buffeted By Redemptions

Jun 5 2008 | 12:48pm ET

Investors have turned downright contrary with Contrarian Capital Management.

The Greenwich, Conn.-based shop saw its flagship fund shrink by about $700 million in the fourth quarter of last year, almost entirely due to client redemptions. The size of the fund fell 14% due to withdrawals, from about $4.9 billion to about $4.2 billion, according to the New York Post. By contrast, the fund lost only 1.24% due to negative returns for all of last year.

The fund has turned things around to some extent this year, adding about $1 billion in new money. In terms of returns, the fund is down almost 1% this year.

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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…