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 Zwirn to Close Hedge Funds After `Large' Redemptions View next topic
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Zwirn to Close Hedge Funds After `Large' Redemptions
PostPosted: Fri Feb 22, 2008 8:16 pm Reply with quoteBack to top

D.B. Zwirn & Co., the investment firm that admitted last year to improper accounting, will liquidate its two largest hedge funds after being flooded with more than $2 billion in client redemptions.

http://www.bloomberg.com/apps/.....refer=home

Crank it up!!!!!!!!!!!!!!!!!!1
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gameplus
Dud?


Joined: 27 Feb 2008
Posts: 2

Db Zwirn
PostPosted: Wed Feb 27, 2008 3:20 pm Reply with quoteBack to top

Seems this has been coming for awhile. Any idea on whether they survive?
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: Zwirn to Close Hedge Funds After `Large' Redemptions
PostPosted: Thu Feb 28, 2008 5:40 pm Reply with quoteBack to top

We've been advised that this is more of an orderly shutdown based on an accounting foible than an "implosion" per se.

Not every shutdown is an implosion (for instance, we didn't implode the Tribeca funds).
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gameplus
Dud?


Joined: 27 Feb 2008
Posts: 2

DB Zwirn
PostPosted: Thu Feb 28, 2008 6:35 pm Reply with quoteBack to top

Time will tell. Not sure I would believe everything management says.
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Aaron
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Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: Zwirn to Close Hedge Funds After `Large' Redemptions
PostPosted: Thu Feb 28, 2008 8:06 pm Reply with quoteBack to top

This was from a third party analyst, not management.
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RichardCWilson
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Joined: 08 Feb 2008
Posts: 20
Location: Cambridge, MA

RE: Accounting
PostPosted: Wed Mar 05, 2008 3:23 pm Reply with quoteBack to top

Crazy to think that an accounting mess-up could close a whole hedge fund. That might have been one one or two portfolio manager's shot at running a large hedge fund.

_________________
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Richard C. Wilson
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: Zwirn to Close Hedge Funds After `Large' Redemptions
PostPosted: Wed Mar 05, 2008 3:28 pm Reply with quoteBack to top

Well people are jumpy now. It doesn't take much to trigger a run on a hedge fund by investors.
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notjustanindex
Dud?


Joined: 06 Mar 2008
Posts: 1
Location: New York

Re: RE: Accounting
PostPosted: Thu Mar 06, 2008 6:06 pm Reply with quoteBack to top

RichardCWilson wrote:
Crazy to think that an accounting mess-up could close a whole hedge fund. That might have been one one or two portfolio manager's shot at running a large hedge fund.


Did you forget Archeus so quickly and they were much larger!
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DELETED
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Re: Zwirn to Close Hedge Funds After `Large' Redemptions
PostPosted: Mon Jan 12, 2009 11:03 am Reply with quoteBack to top

DELETED
rebel
Dud?


Joined: 13 Jan 2009
Posts: 1

Fee Structures must change
PostPosted: Tue Jan 13, 2009 10:55 pm Reply with quoteBack to top

The possibility of hedge funds like DBZ's charging performance fees on locked up money has diminished greatly.
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