Current news for this fund:
Drake Management - Global Opportunities - global fixed income
Count of distinct funds: 3
Absolute Return magazine confirms that Drake Global Opportunities is a closure.
In early January, reports emerged that Drake Management had suspended redemptions from its Global Opportunities Fund (link). The Financial Times noted:
Apparently, the problems at Global Opportunities spread. Word comes today that Drake Management is considering liquidating all three funds under management. Per a Reuters article:
We are seeking out the letter sent by Drake to investors. If you have received it and would be willing to share it with us, please email us.
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Important: This fund is on our list of hedge funds that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective. The "imploded" list contains hedge funds (or other unregulated and autonomous speculative investment funds) which have gone through some sort of permanent adverse change. This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid mark-downs in net asset value; or abnormal "bail-out" by corporate parents or peers in order to avoid write-downs and provide liquidity. The funds are of any type and sector.