Current news for this fund:

Plexus Partners - credit arb.


Count of distinct funds: 1
Capital base: $1.4B
Loss: 35%

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FT breaks the story:

The $1.4bn (£704m) flagship hedge fund of London’s Plexus Partners has lost more than a third of its value this year after arbitrage trades in the credit markets went spectacularly wrong. Plexus, run by Dermot Keane, the former Goldman Sachs trader, fell by slightly more than 35% on perverse moves in the “basis trade”, a popular arbitrage between the price of derivatives and the underlying corporate credits, investors said.

FinAlternatives reports ``The firm has reportedly sold off hundreds of millions of dollars in convertible bonds in an effort to stave off skittish banks calling in its loans.'' That's never fun.

Details are sketchy; if you know more, please contact us.

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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.