Several U.S. lenders have taken control of failing hedge fund Peloton Partners' assets, one day after the fund said it was liquidating a portfolio, a person familiar with the situation said on Friday.
Not long ago, Goldman Sachs alums Geoff Grant and Ron Beller looked like superstars. A prescient bet on the collapse of the subprime mortgage bond market generated last year a whopping 87 percent return on their hedge fund, Peloton Partners.
A London-based hedge fund falls victim to the credit crisis after losses linked to the US housing market.
Peloton Partners, a London-based hedge fund manager, is liquidating a $2bn (€1.3bn) fund targeting asset-backed securities in one of the largest hedge fund collapses in Europe.
One of London's highest-profile hedge fund managers, fêted just last month as the most promising newcomer of recent years, is to wind up one of its funds – blaming the credit crisis for a major squeeze across the hedge-fund industry.
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