Bad luck, bad timing and bad bets ..
Extreme levels of volatility and parched liquidity have shaken up the global hedge fund industry. Nikki Marmery reports on the winners and losers in the summer's relentless ride
Hedge funds have been assessing the damage caused by a calamitous summer's trading as mark-to-market losses wiped out previously healthy NAVs. Among a number of high-profile casualties were funds such as Sowood Capital, which lost about $1.6 billion, or more than 50% of its asset value - most of it in just one week in late July.
Wharton Asset Management's ABS-investing Y2K Finance fund was reportedly down by 25% by mid-September when it suspended investor redemptions and stopped calculating its
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