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Drake winds down hedge fund
  Hedgeweb - THU, MAY 01 2008
Funds & Investment Drake Management has pulled the plug on its $2.5bn flagship 'Global Oportunities' hedge fund after failing to secure enough support from investors to keep it operating.

Drake, which manages about $11bn, told investors in a letter on Wednesday night that it had decided to wind down the fund over the next year, but would launch a follow-on fund for those who wanted to stay with the firm.

Global Opportunities lost 24 per cent last year and another 10 per cent by mid-March this year, which prompted $1bn of redemption requests.

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