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June 16, 2006
Hedge Fund Loses Assets
A hedge fund that specializes in Russian stocks has lost at least a quarter of its assets after its founder was prevented from entering Russia. Hermitage Capital Management said its assets had fallen from $3.2 billion in April to $2.4 billion in June, with investors and clients withdrawing funds concerned over the Russian government’s refusal to allow its founder, William Browder, to enter the country. Russian officials have used the law that allows them to block people who might threaten “the security of the state, public order or public health”, to bar Browder’s entry. IHT reports:
William Browder, a US-born British citizen, has said that his active role in campaigning for minority shareholder rights at Russian companies might be the reason for denial of his visa application.
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