Questa mi era sfuggita....
Scholes's Platinum Grove Fund Halts Withdrawals After Losses
By Saijel Kishan
Nov. 6 (Bloomberg) -- Platinum Grove Asset Management LP, the hedge-fund firm co-founded by Nobel laureate
Myron Scholes, temporarily stopped investor withdrawals from its biggest fund after it lost 29 percent in the first half of October.
The decline left Platinum Grove Contingent Master fund with a 38 percent loss this year through Oct. 15, according to investors. Funds employing a similar approach of exploiting differences in the value of related securities fell 14 percent last month and 30 percent this year, according to data compiled by Chicago-based
Hedge Fund Research Inc.
``The suspension is necessary given current market conditions,'' Rye Brook, New York-based Platinum Grove said in an e-mailed statement today. ``Platinum Grove will use this period to consult with its investors and counterparties, determine their future intentions and manage the assets of the fund accordingly.''
Hedge funds are reeling from the worst financial crisis since the Great Depression, losing an average of 20 percent this year, according to
Hedge Fund Research. A surge of investor redemptions forced firms such as Blue Mountain Capital Management LLC and Deephaven Capital Management LLC to freeze funds to stem the tide of withdrawals.
Scholes, 67, winner of the 1997 Nobel Prize in economics, was a founding partner in Long-Term Capital Management LP, the hedge fund that lost $4 billion a decade ago after a debt default by Russia. He started Platinum Grove in 1999 with
Chi-fu Huang,
Ayman Hindy, Tong-sheng Sun, and
Lawrence Ng, who had all worked at Long-Term Capital.
$4.8 Billion
Platinum Grove managed as much as $4.8 billion as of Aug. 31, according to investors, while its Platinum Grove Contingent Master fund oversaw $3.75 billion.
Investors worldwide may pull as much 25 percent of their money from hedge funds by the end of the year, Morgan Stanley said in an Oct. 24 report. Combined with investment losses, industry assets may shrink to $1.3 trillion, a 32 percent drop from the peak in June, the New York-based bank said.
Hedge funds are private, largely unregulated pools of capital whose managers can buy or sell any assets, bet on falling as well as rising asset prices and participate substantially in profits from money invested.
To contact the reporter on this story:
Saijel Kishan in New York at
[email protected]
Last Updated: November 6, 2008 15:47 EST
Tassi bassi su mutui e finanziamenti significa più consumi, significa che industria e distribuzione non abbassano i prezzi manco morti. Sono giorni, mesi, anni, che scriviamo che qui parte una altra fiammata di inflazione.
