Minneapolis Star Tribune – The local hedge fund industry has canceled its Winter Ball, scheduled for the Minneapolis Club in December, "due to volatility within the hedge fund industry."

The big shooters at Deephaven Capital Management, Whitebox Advisors, Pali Capital, plus other firms and their lawyers and accountants are a little stressed lately. And not all their clients are happy about their performance.

"In its place, we plan to host a ‘happy hour,’ as much of the feedback included the desire to get together, albeit on a smaller scale," according to a note last week from the Twin Cities Hedge Funds Care Committee. "We are in the process of confirming a venue and anticipate the location to remain downtown."

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New York (HedgeCo.Net) – Drake Management will shut down its two remaining hedge funds one month after winding down the $2.5 billion Global Opportunities Fund.  The $1.4 billion Absolute Return Fund and the $160 million Low Volatility Fund will follow suit, after experiencing similar losses originally fueled by the subprime fallout and credit crunch.

Drake had informed investors in March that they were considering shutting down the funds, citing “challenging market conditions.”

The Absolute Return Fund was down 14.36 percent in 2007, while the Low Volatility Fund was down 4 percent.   Drake will be launching new funds, and investors that choose to stay with the firm will only pay performance fees once the original losses are recouped. 

"We are committed to launching successor vehicles for the funds later this year, for those investors who have expressed a desire to remain invested in strategies substantially similar to those of the funds and to new investors who would like to invest," said the company.

Drake was formed in 2001 by former BlackRock manager Anthony Faillace and his partner Steve Luttrell.  

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

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