BusinessWeek: Traxis Partners LP, the $1.2 billion hedge fund started by Barton Biggs, told clients it will liquidate a vehicle he managed and transfer the assets to another pool following his death over the weekend.<\/p>\n
The Traxis Global Equity Macro Fund will be cashed out and the assets will be invested on Aug. 1 in the Traxis Fund, managed by partners Amer Bisat, Andy Skov and Krishen Sud, the Greenwich, Connecticut-based firm told clients today in a letter, a copy of which was obtained by Bloomberg News. Investors will have the option of withdrawing their money at the end of this month.<\/p>\n
\u201cWe don\u2019t have indications of deep demand for redemptions at all,\u201d Bisat, who is the firm\u2019s managing partner, said in a telephone interview. \u201cWe\u2019re doing this as a sign of confidence since we recognize this is an important event for investors and the firm.\u201d<\/p>\n
Biggs, a former global investment strategist at Morgan Stanley (MS) (MS), died on July 14 at age 79. The cause of death was complications from a bacterial infection, according to a person with direct knowledge of the situation who asked not to be named because the matter is private. <\/p>\n