Hedge Funds

Jemmco to Close Flagship Fund

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New York-based multi-strategy hedge fund Jemmco is winding down its flagship fund and returning capital to investors at the end of the third quarter of this year.

The fund became linked to the mutual fund market timing scandal last week, when the Securities and Exchange Commission named it as one of seven funds that Prudential Securities allowed to make rapid trades in and out of its mutual funds.

Jemmco has not been charged with wrongdoing and said it stopped engaging in market timing in September 2003, but the fund saw redemptions last year when Muschel told investors that a