Morning:
14°c
Ospraie closes as the slide takes its toll
03.09.08
One of the world's biggest hedge funds is being closed after disastrous losses from the falling value of shares in oil, mining and energy.
Ospraie Management's flagship fund was totally caught out by the recent sell-off in shares as commodities prices like oil and metals plunged.
The New York-based fund has lost nearly 40% in value this year, and now plans to close down.
Ospraie Management is run by founder Dwight Anderson, a $50-million-a-year trader highly regarded in the world of hedge funds.
He became hugely bullish on commodities prices in recent years, building Ospraie at one point into the biggest commodity hedge fund firm in the world.
Ospraie's disastrous performance has highlighted how even those with sterling reputations like Anderson have been wrong-footed by the volatile commodities markets.
