Focused on the big picture, Dwight Anderson built Ospraie into an institution but seems to have lost control of his flagship
By Michelle Celarier
Ospraie Management founder Dwight Anderson is the type of old-time, star-caliber manager investors fall in love with. "He looks at you intently; it's almost a magnetism," explains one investor. "We got charmed."
That's what makes the turn of events at Ospraie - which is shutting down its flagship following a near 40% loss through August - so shattering. Many funds have closed their doors this year, in what is turning into a rout for hedge funds. But not since the Nobel laureates who ran Long-Term Capital Management blew up in 1998 - 10 years ago to the month - has such an esteemed manager been so humbled by the markets. Investors find it hard to fathom how such a highly regarded manager could fail.
"It's a bit unsettling to...