New York Post
By KAJA WHITEHOUSE kaja.whitehouse@nypost.com
As Wall Street burns, smoke can now be seen billowing from its neighbor to the north: Greenwich, Conn., the world's hedge-fund capital.
With once-highflying funds seeing their performance worsening, investors are pounding on the door to get their money out, sources told The Post.
This has the investment community bracing for mass closings and liquidations by year's end, if not sooner.
"I'd not be surprised if, for some funds, September 2008 is their last month in business," said Veryan Allen, who advises institutional investors on hedge-fund investments.
Some of the industry's smartest investors got hammered over the summer amid nearly unprecedented volatility. Oil went from close to $150 a barrel to below $100 a barrel in a matter of weeks, while stocks were roiled by a series of bank failures.
And a formerly winning strategy - shorting stocks - kept getting hampered by new rules from the Securities and Exchange Commission.....
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