December 22, 2006
Ritchie Not So Rich After All; To Sell Hedge Fund & Refund Investors
According to recent reports, Ritchie Capital Management Ltd. plans to discontinue its efforts to restructure its flagship hedge fund, the Multistrategy Global Fund. After consulting with investors, an email was sent to Ritchie's clients revealing their negotiations with an undisclosed buyer for the assets of the hedge fund, and the plan to return the cash to investors. Hedgeco.net reports:
Ritchie Capital has been struggling the past two years with returns that were below average, the fund suffered last year from losing energy bets. Thane Ritchie, the founder of the company, had previously planned to refund 80% of clients' money over the next 2 1/2 years and keep the fund open for at least three years. The fund, which invests in everything from bonds to energy, lost more than 2% through August from the start of 2005.
Read more: Ritchie sells Hedge Fund to Refund Investors
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