Argent Funds Groups is shutting down the Veritas High Yield Arbitrage Fund as tough market conditions have left it with a dearth of opportunities.
Argent expects to return the majority of capital to investors by mid-June. A small amount of the fund - less than 12% - is allocated to several illiquid positions and so may not be distributed by then.
Veritas, which was managing roughly $415 million at the time of the announcement, was launched in October 2002 by Jim Kastberg and has produced positive results each year since inception. The fund in fact got off to a very