We never really like to see hedge funds close. Ok, that's a total lie. Some hedge funds (Global Alpha, we're looking at you) send us into giddy heights when they stagger. This is directly in proportion to the cocky swagger with which their snotty professionals stalk the streets. So, we don't particularly have a reason to enjoy the unfolding demise of Highland Capital Management, once a giant with nearly $40 billion in assets under management, except maybe the way they flout the general rule that making your firm logo an impenetrable shield and posting your many awards from Credit Flux and Absolute Return on your website is a little suggestive of taunting the gods of risk. It seems to have cost them To wit:
Highland, which had $37 billion in assets under management as of June 30, will wind down its Highland Credit Strategies Fund and the Highland Crusader Fund, said the person, who declined to be named because the decision isn't public.
Officials privately admitted to Dealbreaker that "Ok, maybe headquartering the Highland Crusader Fund in Dubai wasn't the best idea after all."*
Highland to Close Hedge Funds Amid `Unprecedented' Disruption [Bloomberg]
*Ok, ok... they didn't say anything like that.