Credit crunch claims new victims, slapping Drake, Blue River


The credit crunch claimed two new victims in the U.S. this week with Drake Management facing potential fund liquidations, and Blue River Asset Management liquidating its main municipal bond fund. Others affected include ZAIS Group’s Euromatrix Fund and GO Capital Asset Management, both of which have blocked investor redemptions.

The $4.4 billion New York-based Drake Management, founded in 2001 by BlackRock and Pimco alumni, told investors Wednesday that it is contemplating winding down all three of its hedge funds due to difficult market conditions, according to Reuters. Drake said it has met all of its collateral requirements. The firm