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.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

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

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of