ADI Hedge Fund
ADI Hedge Fund TrackerThe following piece on ADI (French Hedge Fund) 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.
ADI, one of France’s oldest and best known hedge fund managers, has been forced to close five of its funds after failed bets on Lehman Brothers, in what is expected to be the first of a series of casualties in the industry since the collapse of the US bank.
Although a large number of hedge funds that used Lehman as a prime broker have had their balances frozen at the bank's London-based broker-dealer, resulting in writedowns, few reports of losses on positions taken on the credit and equity of Lehman Brothers itself have emerged.
ADI, which stands for Alternative Derivatives & Investments, was formed in 1998 by Erich Bonnet, a former head of interest rate options at Banque Indosuez, now known as Crédit Agricole, and Christophe Bourret. It is best known for its credit and convertible bond arbitrage strategies. Read more...
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Tags: ADI, Alternatives Derivatives and Investments, (ADI) ADI Hedge Fund, ADI Hedge Funds, ADI Paris France, French Hedge Fund Manager, ADI Europe Holdings Closures