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Wharton Y2K Finance fund suspends redemptions, Avendis collapses
From the FT: Hedge funds investing in structured finance took another hit on Tuesday when it emerged that the flagship fund of London’s Wharton Asset Management had lost a quarter of its money in one month and a small Swiss-run fund had collapsed.
Wharton’s Y2K Finance fund said on Tuesday it was suspending calculation of asset values, withdrawals and subscriptions, until December because of “current market turbulence”. The fund plummeted 25.04 per cent in July, after dropping 7.3 per cent in June, as the European asset-backed securities in which it mostly invests were marked down savagely by brokers.
Meanwhile, Avendis, which, like Wharton, specialises in structured finance products such as collateralised debt obligations, said its Enhanced Fixed Income fund had filed for liquidation in the Cayman Islands. Avendis appointed BDO Stoy Hayward to wind up the fund.
Wharton, founded by Maurice Salem and his brother in 1993, invests in property as well as running structured vehicles...Full article: Source
Previous coverage from Dow Jones:
Y2K Finance Inc., a $2 billion hedge fund managed by London-based Wharton Asset Management, Tuesday said it has suspended investor redemptions until at least Dec. 1 because of market turbulence.
The Ireland-registered fund, which invests in residentia...................... To view our full article Click here
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