Iridian to liquidate largest hedge fund after performance lags, assets slide
By Rob Copeland
Thu Jan 5, 2012
The Iridian Opportunity Fund was down 8.90% through the end of October after a nearly flat 2010.
Iridian Asset Management, the $6.8 billion asset management
firm founded by two veterans of Arnhold and S. Bleichroeder
Advisers, has shuttered its largest hedge fund following a
steady slide in assets and weak performance in 2010 and 2011.
The fund's portfolio managers, Jeff Silver and Ben Hunt, have
also left the firm.
The Iridian Opportunity fund, which launched in 2005, had
run a global equity strategy managing as much as $860 million
less than one year ago. But the fund was down 8.90% for 2011
through the end of October, when the Westport, Conn. firm
stopped reporting returns to the AR database. By comparison,
the AR Global Equity Index was down 2.56% during that period.
That loss followed...
TAKE A FREE TRIAL
The full contents of this article are available to Absolute Return subscribers and trialists only.
To continue reading please, take a free trial, subscribe or log in.
Subscribers have unlimited access to all current and archive content. Start your subscription today - click on the button below.