Hedge Funds

Fairfield shuts white label Alkeon fund


The Fairfield Greenwich Group shuttered a long/short equity fund after losses in the tech-focused portfolio continued to mount. The Fairfeld Dover Fund, founded in December 2003, finished 2004 down 8.26% and had already lost 7.75% through February when Fairfield decided to pull the plug.

The portfolio manager, Panayotis Sparaggis, is the founder of Alkeon Capital Management, which acted as a sub-advisor to the fund. According to Fairfield Greenwich, the firm decided to liquidate the fund and return all assets to investors on February 28, citing "volatility beyond historical norms for the fund's sub-advisor, Alkeon Capital Management, combined with