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

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of