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Industry: Email Alert RSS FeedConverting out.(market condition for hedge funds)
Futures (Cedar Falls, Iowa), August, 2005 by Collins, Daniel P.
The June closure of convertible arbitrage hedge fund Marin Capital Partners, with its nearly $2 billion under management, appears to be just the tip of the iceberg for the troubled strategy. The Barclay Group estimates the strategy has lost more than 20% of its assets, to $52.53 billion under management from $66.1, in the first quarter.
Redemptions and drawdowns continued in the second quarter as the Barclay Map shows an average drop in money under management of $25.4 million for convertible arbitrage managers in the quarter ending in May and a year-to-date drop in performance of 6.81% through June.
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