May 1 (Bloomberg) -- Drake Management LLC, the New York- based firm started by former BlackRock Inc. money managers, is shutting its largest hedge fund, according to a letter to investors. It plans to start a new fund later this year.
Drake Management has pulled the plug on its $2.5bn flagship hedge fund after failing to secure enough support from investors to keep operating the formerly high-flying New York-based fund – one of the best performers of 2006.
Pierre Lagrange, co-founder of UK-based hedge fund manager GLG Partners and one of its three principal shareholders, received compensation of more than $130m (€84m) in the last two years, according to the proxy statement filed by the firm this week.
April 30 (Bloomberg) -- Electric Power Development Co. , Japan's largest electricity wholesaler, said it will increase its dividend after repeated demands by a U.K. hedge fund that the utility increase payouts to shareholders.
SkyBridge Capital, a private investment partnership, has seeded its ninth hedge fund with a strategic investment in Capital Returns' long/short equity hedge fund targeting the insurance industry.
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