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

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

Securities and Exchange Commission Chair Mary Jo White will step down as chair of the nation’s Wall Street overseer in January, setting the stage for a potential conservative shift in the regulator’s leadership under the incoming Donald Trump administration.