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Archeus Undone By Accounting And Performance

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Another week, another hedge fund goes down. This time it’s a child of Salomon Brothers—Archeus, run by Gary K. Kilberg and Peter G. Hirsch. The official word is that whoever was running the books at the Manhattan based hedge fund screwed up, which prompted redemptions. Of course, having its main fund down almost 2% this year probably didn’t help.
The bottom line? Archeus went from $3 billion under management last year to around $700 million today. And everything’s getting redeemed back to investors at the end of the year.
A $700 Million Hedge Fund, Down From $3 Billion, Says It Will Close [New York Times]