Reuters – Not all Bear Stearns hedge funds are suffering, despite the collapse of two last summer that resulted in losses of $1.6 billion (800 million pounds), results over the last week suggest.
The Bear Stearns Emerging Markets Macro Fund, for instance, was up 2.95 percent in December, giving the $1.7 billion fund a healthy 2007 return of 25.56 percent, according to a letter sent to investors on Tuesday.
Another of Bear’s dozen-plus hedge funds, the Europe Long/Short Fund, was up 1.05 percent in December, giving it 2007 gains of 18.29 percent for its "onshore U.S. dollar" class of investment, a January 4 letter to investors stated.
Both performances are unaudited and subject to change. But they suggest that all is not melting down at the veteran Wall Street investment bank, despite media reports this week that its long-time Chief Executive Officer Jimmy Cayne is poised to resign after Bear last month posted a first-ever quarterly loss of $854 million due to credit market travails.
