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Clinton Group Multi-Strategy Fund - multi-strategy

2008-04-21

Count of distinct funds: 1
Capital base: $400 million (end of 2007)
Loss: 45% value, 80% assets

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stories: finalternatives.com

Not sure how we missed this one but here it is. Looks like Clinton group is in a variety of businees we really would not want to be in these days:

Multistrategy was down 45% in the first quarter due to bad bets on mortgage-backed securities. Total assets are down by almost 80%—just $90 million from $400 million on New Years Eve—as investors have fled the sinking fund. Clinton Group’s hedge fund assets have fallen from $5.5 billion five years ago to just $600 million today. The firm also manages $7 billion in collateralized-debt obligations and $400 million in private equity.

But the firm's irrepressible founder is not deterred, and lucky for him, there aren't any consequences in this ball game:

Despite the setbacks, firm founder George Hall is apparently not discouraged, as he hopes to raise $150 million for a new fund, Bloomberg News reports. The new vehicle will invest in stocks and asset-backed bonds, featuring annual, as opposed to Multistrategy’s quarterly, liquidity.

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Comments:

hedgefunddick at 15:52 2008-10-27 said:
I wonder how much longer he can keep the group together based on the fact he has lost a lot of investment dollars. Permalink
hedgefunddick at 16:27 2008-10-28 said:
How did this HF make out on their last offering? Permalink

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Important: This fund is on our list of hedge funds that are apparently ailing or which we think are worth watching for any other reason. Ailing funds haven't shut down, but they've suffered significant value declines and/or temporarily halted redemptions. Funds on watch may not even have unusual declines, but may be posted if it is felt there may be risk of developing a more serious condition eventually.