John Meriwether Closing Down Another Hedge Fund

July 11th, 2009
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It was announced this week that JWM Partners LLC, which was founded by John Meriwether, is closing down its Relative Value Opportunity II Fund. According to a Bloomberg article, the fund suffered a 44% loss from late 2007 through February 2009.

Mr. Meriwether is best known for founding Long Term Capital Management (LTCM), which made big headlines in 1998 when it lost 90% of its $4.8 billion in assets after Russia devalued its currency and defaulted on its loans. A bailout by the New York Federal Reserve Bank that year was organized, but the damage to Meriwether’s formerly illustrious reputation was done. LTCM averaged around $28 leverage per dollar of assets at the beginning of 1998, compared with a more conservative $15 leverage per dollar for the JWM fund.
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Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Hedge Fund Launches and Hedge Fund Closings

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