Manzke letter stirs investors to action

Fri Nov 21, 2008




Sandra Manzke, founder of Maxam Capital Management (and previously the chief executive of Tremont Capital Management), is fighting mad. The long-term investor in hedge funds is astounded by the measures they are now taking to protect their skins, often in a manner that she says is detrimental to investors.

Manzke, who vented her frustration on a panel of investors at this week's Absolute Return Symposium, sent an email to colleagues earlier this week urging investors to form a "Hedge Fund Investors United Forum," which aims to stand up to objectionable hedge fund behavior by employing shareholder activist-style tactics. During the panel, held Thursday, she said her e-mail had already received 200 replies. The full text of her letter is reprinted here.-JF

AN IMPORTANT LETTER TO HEDGE FUND INVESTORS

I was...

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