Hedge Funds

Lotus shuts down after losing year


The "lotus-eaters" of Homer's Odyssey were drugged into delighted forgetfulness by living on the Lotus tree's fruit and flowers. Not so the investors and managers of the Lotus Global Multi-Strategy Fund, which is suffering its second losing year.

Last month, Lotus portfolio manager Sudeep Singh, previously head of the former Chase Manhattan's proprietary trading in Europe, Africa and the Middle East, told investors that he had moved the relative value-oriented global macro fund to cash and would soon liquidate it.

Singh, who also previously ran a portfolio for SAC Capital's Sigma affiliate out of London, apparently told investors