Conn. Distressed Debt Hedge Fund To Close

Aug 15 2008 | 7:35am ET

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.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...