Summary
NEW YORK (Reuters) - Heavy redemptions from investors concerned about their holdings of subprime mortgage securities claimed Braddock Financial Corp.'s Galena Street Fund as the latest hedge fund victim.
Braddock, a top-performing bond hedge fund manager, on Thursday said it will liquidate the $300 million fund after redemptions slashed its assets by a quarter since 2006, Chief Executive Officer Harvey Allon said in an interview. The fund's closure comes just days after United Capital Markets Holdings Inc. suspended redemptions on its funds exposed to the risky subprime mortgages.See the full content of this document
Extract
Redemptions Claim Braddock's Galena Hedge Fund
Reports that losses in subprime mortgages were wreaking havoc with hedge funds, especially last month, "just made ...
See the full content of this document
Sponsored links
