AQR Capital Management tells investors it will unwind its Global Relative Fund by the end of April.
By Katie Benner, writer-reporter
NEW YORK (Fortune) -- After months of poor performance, AQR Capital Management plans to close at least one of its hedge funds at the end of this month.
According to an investor letter obtained by Fortune on Thursday, AQR's Global Relative Value Fund "has already begun unwinding positions in order to ensure an orderly liquidation and close of the fund on April 30."
The fund was down 21% last year and is among the 34 funds managed by AQR. Several of the firm's funds have lost value since the credit crisis hit last summer.
According to a Bloomberg report, the Greenwich, Conn. firm's flagship $2.9 billion Absolute Return Fund was down almost 15% through Feb. 15, and a riskier version of the fund had lost 25% of its value. AQR's Asset Allocation Fund was down 16% through the period. To top of page
First Published: April 3, 2008: 3:07 PM EDT
Aaron A-Bomb
Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA
Interesting... Global Relative Value is not really a hedge fund per se; it is just a 401k fund somehow layered on top of Global Asset Allocation. I'm not clear whether that is being shuttered.
Looks like AQR should go on watch.
RichardCWilson Dud?
Joined: 08 Feb 2008
Posts: 20
Location: Cambridge, MA
View next topic View previous topic
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum