Hedge Fund Reader : Hedge Fund Failure Leads To Property Dealer Losing Millions

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March 26, 2006

Hedge Fund Failure Leads To Property Dealer Losing Millions

The collapse of PlusFunds, a hedge fund management firm, has led to Mark Kavanagh, a property developer, who owned 6.11 per cent of the firm, losing millions as well. Kavanagh had invested invested close to €2.5m in the company.
Times Online reports:

A New York court agreed last week to the sale of PlusFunds, which was valued last year at more than $200m (€166m), for just $5m. Assets under management had dwindled from $2.5 billion to $1 billion in the first two months of this year.

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March 26, 2006 in Gossip & Scandal | Permalink