Saturday, 29 April 2017
Last updated 15 hours ago
Oct 7 2008 | 10:11am ET
The Man Group and Close Brothers plan to liquidate a joint closed-end fund of hedge funds after it posted staggering losses.
Investors in the Close Man fund will vote on whether to wind up the fund, which has lost more than 94% of the £70 million it raised in 2004. Until that vote, redemptions and valuations have been suspended, Financial News reports.
The structured product invests some of its assets in the Man MS Sterling hedge fund.