MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, December 20, 2002 Lipper Closes Up Shop Eight months after finding a buyer for one fund, Lipper & Co. is pulling the plug on its remaining three products. The firm revealed the decision in an SEC filing on December 17. The business, which was founded by hedge fund specialist Kenneth Lipper, was not able to raise sufficient assets in its family of four funds to remain viable through the bear market. Last April, Neuberger & Berman purchased the most successful of the funds (Lipper High Income Bond Fund with $500 million in assets) and hired five investment professionals, including Lipper's daughter Daniella Lipper Coules. Unable to find other solutions for its two equity funds, Lipper liquidated them this past summer. This week's filing abandons SEC registration for all three funds, officially closing them. Lipper is still resolving the fate of the firm's fourth fund, which is a convertible hedge fund, not an SEC registered product. That fund was stung with a $300 million loss after a markdown after it was discovered that some of its thinly traded holdings had been carried at too high a price. The firm is attempting to liquidate the fund and is offering to return investors 83 percent of their original stake. Printed from: MFWire.com/story.asp?s=4227 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |