New York (HedgeCo.Net) – Drake Management has officially closed up shop on all three of its hedge funds, delisting them from the Irish Stock Exchange yesterday.
The firm decided to wind down their $2.5 billion Global Opportunities Fund in May, one month before closing their $1.4 billion Absolute Return Fund and the $160 million Low Volatility Fund. All three funds experienced losses stemming from the credit crunch and a rush of investor withdraws.
The New York-based Drake has expressed plans to launch new funds with revamped strategies.
"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 in a statement earlier this year.
The company has also said that investors who do choose to place their money into the new funds will not pay performance fees until all of their losses are recouped.
Drake Management was founded in 2001 by former BlackRock Manager Anthony Faillace.
Julie Scuderi
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