Dwight Anderson of Ospraie FundThe following piece on Dwight Anderson is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
It is rare that a hedge fund manager comes out and actually apologizes for the low performance. Less than 1/5 letters that I have seen actually use the words sorry or apologize.
In the world of palladium, gold and soy beans, hedge-fund manager Dwight Anderson was known as an imposing figure with an appetite for risk.At 6-foot-3-inches (1.9-metres), Anderson's towering physical presence was long matched by towering returns at his flagship 9-year-old hedge fund, one of several portfolios managed at Ospraie Management LLC, the world's biggest commodities hedge fund firm.But the 41-year-old investor, whose flagship Ospraie Fund Ltd returned 15% a year on average from 2000 to 2007 with $US3.8 billion ($4.5 billion) invested at its peak last year, may have attempted to climb too far too fast, say investors in his fund..
Anderson confirmed on Tuesday what had been rumored in the $US2 trillion industry for days -- the Ospraie Fund lost 27% in August, forcing him to close it with a crippling 39% loss for the year.Anderson, who launched the Ospraie Fund while working for another hedge-fund legend, Paul Tudor Jones of Tudor Investment Corp, joins a growing list of prominent fund managers forced to shut funds or firms amid heavy losses in the last few months. ``After nine years of striving to be a good steward of your capital, I am very sorry for this outcome,'' he wrote on Tuesday in a letter to investors such as Lehman Brothers, Credit Suisse and smaller endowments.More details would come on Thursday, he added.The hedge fund firm still manages other portfolios, including the $US1.2 billion Ospraie Special Opportunities Fund. Read more...
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Tags: Dwight Anderson, Ospraie Management LLC, Ospraie Fund Ltd, Paul Tudor Jones, Tudor Investment Corp, Lehman Brothers, Credit Suisse, Ospraie Special Opportunities Fund