Drake Closes Trio Of Hedge Funds

Oct 10 2008 | 1:50am ET

New York-based Drake Management  has closed all three of its hedge funds, completing a liquidation announced this summer.

The firm delisted its Global Opportunities Fund, Absolute Return Fund and Low Volatility Fund from the Irish Stock Exchange yesterday. Drake began an “orderly wind-down” of its hedge funds in June, with the assurance that the funds were “well-placed to avoid forced sales.” The firm announced plans to shutter Global Opportunities, its flagship, in April, with the others following in June. All told, the three hedge funds managed about $4 billion.

The firm had suspended redemptions at the end of last year, after big losses and bigger redemption requests. The funds lost money on a variety of investments, including U.S. Treasuries,  Japanese bonds and developed markets stocks.

Drake says it plans to raise new hedge funds with strategies similar to the closed offerings.

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