Saturday, 27 August 2016
Last updated 3 hours ago
Dec 3 2008 | 10:26am ET
Ramius Capital Group is closing four hedge funds.
The New York firm will shutter the funds, which manage a combined $550 million, it told investors. The funds cover such strategies as convertible bonds, distressed credit and merger arbitrage.
According to The Wall Street Journal, the firm will continue to manage the four strategies as components of its multi-strategy offerings, though it is unclear how many of their assets will move to those funds. Ramius also said that the funds’ management teams will remain in place.
Of course, its flagship multi-strategy offering, the $2.1 billion Ramius Fund, is down about 23% this year and could lose about $500 million in assets on its own due to investor redemptions.
The fund closures are the latest in a string of cutbacks for Ramius. The firm in recent weeks has reduced its investment staff in Hong Kong, decided to sublease a portion of its new Lexington Avenue digs and slashed fees in an effort to convince investors not to pull their money.