Bloomberg reports that the firm said it can liquidate most of the fund within a 'few weeks', according to a note sent to investors. Shakerchi said he plans to spend more time on philanthropy
Meditor determined after its review that the firm should eliminate 'carve outs', in which individual money managers have control over portions of the fund, according to the letter. The decision will reduce how much money the firm can manage, Meditor said. At the same time, European rules that require hedge funds to disclose their bearish bets against companies have hurt the firm, according to the letter.
'These rules disadvantage larger managers who actively short like Meditor,' Shakerchi, 49, wrote in the letter, which he provided to Bloomberg News. 'We are no longer confident that we can continue to offer good value to our clients on our current scale.'
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