Drake Capital Management LLC | Hedge Fund Notes

Drake Management

Drake Capital Managment LLC | Notes

The following piece on Drake Capital Management, LLC is being published as part of our Hedge Fund Tracker Tool, our daily effort to track hedge funds in the industry.

Resource #1: You may remember earlier this year our posting of a video on Drake Capital management.

Resource #2: Here is a short news piece on how Drake York-based Drake Capital Management has closed all 3 of their hedge funds, completing a liquidation announced this summer. The firm delisted its Global Opportunities Fund, Absolute Return Fund and Low Volatility Fund from the Irish Stock Exchange yesterday. Drake began an “orderly wind-down” of its hedge funds in June, with the assurance that the funds were “well-placed to avoid forced sales.” The firm announced plans to shutter Global Opportunities, its flagship, in April, with the others following in June. All told, the three hedge funds managed about $4 billion.

The firm had suspended redemptions at the end of last year, after big losses and bigger redemption requests. The funds lost money on a variety of investments, including U.S. Treasuries, Japanese bonds and developed markets stocks. Drake says it plans to raise new hedge funds with strategies similar to the closed offerings. Read more...

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Tags: Drake Management, Global Opportunities Fund, Absolute Return Fund, Low Volatility Fund, Irish Stock Exchange, Drake Capital Management LLC, Drake Management New York, Drake Management News

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