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Current news for this fund:


Rumson Capital - convertible-bond arb.

2008-05-04

Count of distinct funds: 1
Capital base: $570M (2007 peak)
Loss: -13% in NAV and assets down by half

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stories: finalternatives.com

Not much information on this one... from FinAlternatives:

The firm has notified its investors that it is winding down its Navesink Equity Derivative Fund by June 30 because redemptions have cut the fund’s assets in half from a peak of $570 million last year, Hedge Fund Alert reports. The fund was down 13% in the first quarter.

Rumson was founded in 1993 by John Burke, portfolio manager and managing partner. E.J. Werner, head of trading, and Lothar Sroka, head of systems and research, round out the soon-to-be-defunct firm’s management team.

If you can paint some details, please do drop us a line. For instance we are not so sure about there being apparently only one fund tied up in this closure.

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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.