Meriwether's Troubled Fund Offers Early Exit
New York Post
Following months of steadily declining returns in his hedge fund, John Meriwether is offering some investors an early out.
Investors of the JMW Global Macro fund, the smaller of the two funds managed by Meriwether's JMW Partners, are being offered the chance to pull out their money as soon as tomorrow....
Ordinarily, the fund's investors would have to wait until the end of June to exit, but Meriwether is probably offering these select investors an early out, so that he can use their money for a new failed investment fund.
Meanwhile, the New York Post notes that investors of Meriwether's flagship fund - the $1 billion Relative Value Opportunity fund, which had losses of nearly 32 percent as of the end of March - are less fortunate.
...Those positions have to wait till the end of June to get any money back. Based on redemption requests already received for Relative Value, one-eighth of total assets - the maximum allowed - is scheduled to be yanked........ Meriwether's Long-Term Capital Management became a household name after losing $4 billion in 1998.
Please see:
04/29/08 - Why I Am Not Shocked At This News Item?
04/02/08 - And The Loser Is...
03/19/08 - More On The Meriweher Deja Vu Story - Dose Anyone Know Why This Guy Is Allowed To Manage Other Peoples Money?
03/19/08 - Have You Kicked A Hedge Fund Guy Today - Things Go From Bad To Worse
03/29/08 - Rich Men Behaving Badly
ALSO PLEASE SEE:
LTCM Redux: Phd’s fail yet again
Meriwether set up JWM, based in Greenwich, Connecticut, in 1999. The Global Macro fund takes directional bets on the likes of currencies and interest rates and had $380m under management at the beginning of the year. ...
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