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Alternative Market Briefing

Cargill’s Black River Asset to shut down four hedge funds

Friday, July 31, 2015

Komfie Manalo, Opalesque Asia:

Cargill Inc.’s $7.4 billion Black River Asset Management said it was closing four hedge funds with a combined $ 1 billion in assets and start returning investors money over the next several months, various media said. The hedge funds represent 15% of Black River’s total assets.

James Gruver, a spokesman for Black River said Thursday that the four hedge funds to be liquidated are invested in equities, emerging markets, commodities, as well as a fund that focuses on Europe, Middle East and Africa and are run by Gary Jarrett, Bloomberg reported.

Gruver stated, "It’s always a difficult decision to close funds." He added that Black River’s $1.8 billion Fixed Income Relative Value Opportunity Fund, the largest hedge fund in its roster, will continue to operate, as well as the firm’s $500 million emerging markets credit strategies. Gruver said that Black River’s $2 billion private equity group would not be affected by the closure.

The liquidation of Black River’s hedge funds follows a series of recent closures within the hedge fund industry. Armajaro Asset Management recently announced its decision to shutdown its $450 million commodities fund after losing its lead manager and suffering losses. Fortress Investment also said it was shutting down its macro hedge fund.

A separate report b......................

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