Turnberry Closing Shop

August 17th, 2008
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Turnberry Capital Management LP is set to shut its doors. The hedge fund specialized in distressed debt. They have already liquidated about 70% of the credit derivative book. The fund is selling off all of its holdings in order to raise money for fund redemptions. Many of the funds cliental have put in petitions to withdraw their investments in the fund. Portfolio manager Jeff Dobbs wrote in a letter to shareholders that the firm intended to `take a series of steps to liquidate the Fund and redeem all Fund investors at the same pace.' He also noted that he plans to open his own corporate bond portfolio and welcomed investors to allow him to continue to manage their money.
Related Article Tags: Hedge Fund Launches and Hedge Fund Closings

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