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

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

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 Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Versum Materials (VSM), with a market capitalization of $2.7 billion, enables chipmakers to achieve higher performance at lower cost with enhanced reliability. Versum is a leading global provider of electronic materials for the integrated circuit and flat-panel display markets.