Pickens Investors Pull 65% From Hedge Fund

Dec 18 2008 | 3:13am ET

T. Boone Pickens’ equity hedge fund is set to shrink by almost two-thirds after the Texas oilman’s firm lifted the fund’s withdrawal limits.

BP Capital said the fund’s redemption rate was 65%. Investors had until Oct. 31 to notify the firm of their intention to withdraw their investments. BP Capital had waived its normal 90-day notice period and quarterly redemption limits.

Pickens has spent much of the past year pushing his alternative energy plan, which includes a wind farm stretching from Canada to Mexico and running cars on natural gas.

BP Capital has lost about 60% of its value this year.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...