Hedge Funds

Pirate Capital assets fall 26% in 2007 to $739m

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Tom Hudson’s Pirate Capital Management has lost 26% of its assets under management since the start of 2007, falling to less than $1 billion as its performance has failed to rebound significantly from its mediocre 2006 levels.

The bulk of the decline in assets took place after the firm received redemption notices at the end of March. Having started 2007 with $1.03 billion, Pirate managed $761 million as of May 1 – down from a peak of nearly $1.9 billion in the summer of 2006. On April 1, the firm managed $739 million, its lowest asset base since July