Bailey Coates and Marin Capital Partners to Close

Two more hedge funds are closing, having suffered substantial losses.

London - based highflier Bailey Coates lost 25% this year in stocks and will return what's left to investors. Likewise, U.S. - based Marin Capital Partners will close as well. That hedge fund traded convertible debt and had, at one time, about $1.7 billion under management. The fund now will return to investors the $500 million left.

Two other large hedge funds, New York - based Vega Asset Management and London - based GLG Partners, "are nursing big losses at the funds they manage."

Source: Wall Street Journal, June 21, 2005