BOSTON (AP) -- A pair of unrelated Boston-based hedge funds managing a total of more than $1.3 billion separately told investors Tuesday they're shutting down and returning investor cash because of recent disappointing performance.
Letters from Raptor Capital Management and Noble Partners LP that were obtained by The Associated Press say both firms plan to revamp their investment strategies and eventually offer new funds.
Noble Partners' George Noble told investors in his $550 billion Gyrfalcon QP and Offshore Funds that "my performance over the past several months of 2009 has been the most professionally disappointing and personally frustrating" of his nearly 30-year career.
"Whatever the reasons for our poor performance, the numbers speak for themselves and are simply unacceptable," Noble said in a letter to investors about the funds' 30 percent loss this year.
Morgan Stanley announced that it has priced a public offering of 80.2 million shares of common stock to the public at $27.44 per share for total gross proceeds of approximately $2.2 billion. The underwriter will have a 30-day option to purchase up to an additional 4.0 million shares of common stock from Morgan Stanley. China Investment Corporation has agreed to purchase 44.7 million shares of common stock at the public offering price. In addition, Mitsubishi UFJ Financial Group, Inc. (MUFG) has agreed to purchase 16.0 million shares of common stock at the public offering price. The closing of the MUFG purchase will occur a few days after the closing of the public offering upon the effectiveness of the registration of the offering with the Financial Services Agency of Japan. While approval for repayment has not been granted, Morgan Stanley believes that upon completion of this capital raise it will have satisfied the criteria for fully redeeming the TARP preferred capital and expects to redeem it before the end of June.
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发表于 2009-6-3 12:34 AM
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