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. <\/p>\n
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. <\/p>\n
The New York-based Drake has expressed plans to launch new funds with revamped strategies. <\/p>\n
"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.<\/p>\n
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.<\/p>\n
Drake Management was founded in 2001 by former BlackRock Manager Anthony Faillace.<\/p>\n
Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net<\/p>\n
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