A Greenwich, Conn.-based distressed debt hedge fund shop is closing its doors in the face of enormous redemption requests.
Turnberry Capital Management told investors last week that it will liquidate its fund and close its doors after most of them sought to pull their money, Reuters reports. The fund once managed about $800 million.
“We intend to take a series of steps to liquidate the Fund and redeem all Fund investors at the same pace,” fund manager Jeff Dobbs wrote. “After Labor Day, we will commence a sell-down of the Fund’s security holdings in order to raise cash to fund redemptions.”
Dobbs said about 70% of the credit derivate book has been sold.
Dobbs went on to say that he is not leaving the asset management business, and plans to set up a “corporate bond portfolio.”
“Investment details of what I plan to own will be transmitted to you upon your request,” he said.