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Synapse High Grade ABS Fund - fixed income (non-subprime)

2007-09-04

Count of distinct funds: 1
Capital base: 500 million Euros
Loss: ?

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stories: bloomberg.com

From the story:

Synapse Investment Management LLC, the hedge-fund manager that oversaw money for German bailout recipient Landesbank Sachsen Girozentrale, shut one of three fixed- income funds because of ``severe illiquidity'' in the market.

...

Synapse had 500 million euros ($681 million) under management in three funds at the end of July, and now oversees about 300 million euros in the two that remain.

...

The Wall Street Journal reported earlier today that Synapse was forced to shut the ABS fund after SachsenLB asked for its money back. The Journal cited unidentified people familiar with the situation.

And from the "be afraid; be very afraid" department:

``We are going to look at starting new funds,'' Holman said in a phone interview from London. ``There are enormous opportunities in the ABS market caused by this enormous deleveraging and we intend to return with a fund that can exploit them.''

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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.