BusinessWeek: Traxis Partners LP, the $1.2 billion hedge fund started by Barton Biggs, told clients it will liquidate a vehicle he managed and transfer the assets to another pool following his death over the weekend.
The Traxis Global Equity Macro Fund will be cashed out and the assets will be invested on Aug. 1 in the Traxis Fund, managed by partners Amer Bisat, Andy Skov and Krishen Sud, the Greenwich, Connecticut-based firm told clients today in a letter, a copy of which was obtained by Bloomberg News. Investors will have the option of withdrawing their money at the end of this month.
“We don’t have indications of deep demand for redemptions at all,” Bisat, who is the firm’s managing partner, said in a telephone interview. “We’re doing this as a sign of confidence since we recognize this is an important event for investors and the firm.”
Biggs, a former global investment strategist at Morgan Stanley (MS) (MS), died on July 14 at age 79. The cause of death was complications from a bacterial infection, according to a person with direct knowledge of the situation who asked not to be named because the matter is private.