Bloomberg – Nicola Horlick’s money-management firm, Bramdean Alternatives Ltd., pulled money out of hedge funds run by Nobel prize-winner Myron Scholes and James Dinan to focus on more defensive funds as volatility increases.

“In response to the continuing market turbulence,” Bramdean “is increasing the focus on capital preservation,” the London-based company said in a statement today.

Horlick’s firm pulled money from five of the eight money managers who oversee its so-called transitional portfolio. Bramdean redeemed investments in Dinan’s York Capital Management LLC’s Asian and European funds, and Scholes’s Platinum Grove Contingent Capital Offshore Fund.

The monthly reshuffle is Bramdean’s biggest since the firm raised 131 million pounds ($243 million) in a share sale a year ago. The transitional pool, Bramdean’s largest, fell 1.4 percent in July as hedge funds struggle through their worst patch in almost 20 years, according to Chicago-based Hedge Fund Research Inc. HFR’s Global Hedge Fund Index fell 2.8 percent in July, its biggest monthly drop in five years.

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New York (HedgeCo.Net) – New York hedge fund Manhasset Capital will start the liquidation process later this month after the decision was made by the fund’s seeder to pull out their $100 million initial investment.   

A spokesperson for Fairfield stated, ““As part of a normal rebalancing of capital, FGG has indeed decided to close its co-branded single manager fund, Fairfield Manhasset Offshore Fund Ltd., which we created as part of an agreement with Manhasset Capital Management. However, we cannot comment on any of Manhasset Capital’s choices; they run their own business and have their own investors, and it would be incorrect to state that FGG had caused Manhasset’s current or future decisions.”

Fairfield Greenwich Group, who seeded Manhasset’s offshore fund and had a three-year profit sharing agreement with the firm, decided to pull out just a month and a half after the agreement expired on May 1st.  Manhasset ran an onshore fund as well, which engaged in a long/short equity strategy and focused on mid-cap U.S stocks.  Total assets of both funds were around $165 million.  

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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