Quadrangle Group closing media-focused hedge fund

Reuters – Quadrangle Equity Investors, a hedge fund that concentrates on media and communications stocks, will wind down its business after losses and investor redemptions, according to people familiar with the situation.

The relatively small fund employs fewer than a half dozen people, but it is part of Steve Rattner’s prominent Quadrangle Group LLC and so is well-known in media circles.

Quadrangle Equity, like other funds investing in media, has struggled as media stock prices have been hit hard by an advertising downturn and worries that consumers will sharply curtail spending on entertainment.

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