Biotech manager is on life support

Thu Mar 29, 2007



A struggling biotech hedge fund has offered to waive management fees in exchange for a longer lockup and higher performance fees after a year of sliding returns.

The arrangement has helped New York-based Mallette Capital Management keep onshore and offshore versions of Mallette Capital Biotech Fund open despite a 27% loss in November that dragged its full-year return down by 40%.

Biotech...

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