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n">(Reuters) - U.S. hedge fund Longacre Fund Management LLC is shutting down its main funds after investors pulled out their cash, in a sign that market turmoil is having an impact on some hedge funds, media reports said late on Monday.
New York-based Longacre will return capital at the end of the year, Jeremy Garber, chief operating officer, said in an e- mailed statement, according to Bloomberg. The firm, however, continues to manage some products, the agency said.
"Given these requests, we believe it is the best course of action to begin the process of an orderly wind down of these specific Longacre Funds," Garber was quoted as saying by Bloomberg.
The company executives told investors and others close to the firm that clients' requests for withdrawals for the end of this year took a greater toll than they expected, the Wall Street Journal said, citing people familiar with the matter.
As of February, Longacre had $835 million (534 million pounds) in assets, according to fund documents, the Journal said.
Longacre could not immediately be reached for comment by Reuters outside regular U.S. business hours.
Longacre Management was founded in 1998 by John Brecker, Vladimir Jelisavcic and Steven Weissman, who previously were members of the distressed debt and high-yield group at Bear Stearns & Co.
(Reporting by Sakthi Prasad in Bangalore; Editing by Mike Nesbit)
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