Lansdowne Reopens Flagship—Briefly

Apr 20 2009 | 11:06am ET

Lansdowne Partners briefly reopened its flagship hedge fund earlier this year, joining the ranks of the long-closed funds that have taken in new money to replace that lost to redemptions.

Lansdowne allowed several investors on its waiting to list to enter the fund in January, Financial News reports. The fund, which manages US$6.3 billion, had been closed to new investors for five years.

The fund, which invests in British equities, actually enjoyed positive returns last year, adding 0.5% while the average hedge fund lost close to 20%. But investors still pulled more than US$1 billion from the fund, which has returned 6% this year.

It is unclear how long Lansdowne kept the fund open to new investment. One investor who said he was able to put money in earlier this year told FN that his attempts to invest more since then have not been accepted.

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