Clinton shuts arbitrage fund


Clinton Group has decided to close one of its fixed-income funds after redemptions caused it to fall below a level that Clinton felt was practical to operate.

The Clinton Abritrage fund contained $270 million of assets at the end of August, down from $450 million last year and $655 million the previous year.

The fund's performance was flat as of the end of August, and that poor showing, especially after an annualized gain since inception of 10.2%, presumably accounted for much of the redemptions through that date.

The fund has experienced further redemptions since early September, when