Amaranth, the hedge fund that collapsed after making bad bets on energy futures, has taken down a fund of fund listed on the London Sotck Exchange. The $61 million fund was managed by a smaller, Chicago-based unit of the Man Group.
The Wall Street Journal reports:
A fund of hedge funds listed on the London Stock Exchange five years ago by hedge-fund giant Man Group PLC wants to shut down after recent losses tied to the collapse of U.S. hedge fund Amaranth Advisors and persistently poor liquidity in the shares.
The fund lost about one-fifth of its gains this year from the collapse of Amaranth Advisors in September. In the 10 months through October, its portfolio gained 6.5%, mainly from strong performance at the start of the year and in October.
[Editors note: The picture above the left represents Amaranth's Calgary-based trader, Brian Hunter, and some other guy holding him.]
Man Group Fund Looks To Shut Down [Wall Street Journal]