Hedge Fund Firm Centaurus to Shut $1.2 Billion Fund: Source

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LONDON (Reuters) - Hedge fund Centaurus Capital is to wind down its flagship $1.2 billion Alpha fund and launch new funds after investors rejected a plan to restructure the portfolio, a source close to the company told Reuters.

Centaurus had proposed the event-driven fund - down about 25% in the 10 months to end-October - give investors back about 30% of their cash, and change its strategy to more lucrative areas of opportunity such as distressed credit. Investors rejected the plan, which required more than 50% backing, and Centaurus will now impose a temporary gate to limit outflows, and give investors their money back as soon as possible, the source said.

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Hedge Fund Firm Centaurus to Shut $1.2 Billion Fund: Source

The company plans to launch a distressed debt fund ...

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