Drake to liquidate two additional funds


Drake Management of New York has decided to shutter two more hedge funds that suffered significant losses over the past year.

In an announcement filed Tuesday with the Irish Stock Exchange, Drake said it would close down Drake Absolute Return Fund, a multistrategy fixed-income portfolio, and Drake Low Volatility Fund, a multistrategy fixed-income fund focused on securities of shorter duration.

Drake Absolute Return Fund lost more than 14% in 2007 and was down another 14% in this year’s first quarter. Drake Low Volatility Fund lost 4% in 2007 and gave up another 11% in the first quarter.

In April, Drake