Greenwich Time – A Connecticut hedge fund that bet heavily on the natural gas market lost almost $6 billion over the past month as it sold assets at a loss to stay afloat while its bets on natural gas plummeted, the fund told investors.
Greenwich-based Amaranth Advisors said in a letter late Wednesday that the fund lost about 55 percent of its year-to-date assets and about 65 percent month-to-date as of Tuesday, leaving the hedge fund’s assets below $3.5 billion.
A Connecticut hedge fund that bet heavily on the natural gas market lost almost $6 billion over the past month as it sold assets at a loss to stay afloat while its bets on natural gas plummeted, the fund told investors.
Greenwich-based Amaranth Advisors said in a letter late Wednesday that the fund lost about 55 percent of its year-to-date assets and about 65 percent month-to-date as of Tuesday, leaving the hedge fund’s assets below $3.5 billion.
