Another blow to Lehman: Ospraie to shutter hedge fund

September 2, 2008 | By Jim Kim

Ospraie Management, a hedge fund firm part owned by Lehman Brothers, suffered a 27 percent loss for August. For the year, it's down 39 percent, according to the Financial Times. That has prompted the fund to inform investors that it will shut down and return funds. The fund has suspended redemptions in favor of an orderly wind down. There are plenty of assets that must be sold to return funds, Ospraie told clients. It may take as many as three years for all assets to be sold. Other Ospraie funds are not faring as poorly. Still, some potential suitors for Lehman's asset management business were said to have reservations about various funds. So this could complicate matters.

For more:
- here's the Financial Times article