Hedge Funds

Drake taking in new investors - but on tougher terms


Drake Management earlier this month notified its clients that it will selectively accept new investors in its flagship multi-strategy fixed-income fund for the first time in more than a year.

After netting 29% in 2003, the $1.6 billion Drake Absolute Return Fund is again performing well this year, racking up more than 7% by mid-October. At the same time, the firm has added more than 20 operations, client services and risk management employees, bringing the New York firm's total staff to 51. As a result, Drake feels it can easily absorb $750 million of new capital, confirmed Daniel