Wednesday, August 15, 2007

Australian Hedge Fund Losses 80%

Australia's best performing hedge fund - named Fund of the Year by AsiaHedge Awards in 2005 and run by Basis Capital Fund Management Ltd - told investors losses have exceeded 80% in August as a result of fall-out from the subprime mortgage mess. As of July, losses had exceeded 50%.

Basis is not the only Australian company having trouble.

Sydney-based hedge fund Absolute Capital Group Ltd halted redemptions from two funds to avoid a sale of assets at "distressed prices."

The fall-out from the subprime mortgage mess and failing hedge funds has hurt the Australian benchmark stock index - down 9.9% from its July 24th record.

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