Wednesday, 31 August 2016
Last updated 17 hours ago
Oct 22 2008 | 12:02pm ET
London-based F&C Investment is winding down its event-driven fund of hedge funds to repay investors. The £64.2 million (US$109.5 million) fund launched in June 2007 and has lost 27.2% since inception.
Jason Hollands, the head of communications at F&C, said the firm’s board of directors already had 75% of shares so they could not meet investors' redemption demands through a share buyback.
“In the challenging market we're in they also felt they would be unable to dilute their shareholding through new investments,” he said.
The planned move will be voted on by shareholders at their next meeting.