The reduction largely reversed an increase of 68 million barrels the previous week, according to position records published by regulators and exchanges (tmsnrt.rs/2Dmlw Xg). Some of the froth has blown off the market in the last six weeks but the hedge fund community still has a very bullish bias towards oil prices.Portfolio managers have now reduced their net long position in petroleum in five of the last six weeks by a total of 245 million barrels since Jan. The most recent week saw a reduction in net length in NYMEX and ICE WTI (-17 million barrels), Brent (-5 million), U. Fund managers hold a net long position in the six major petroleum contracts amounting to 1,239 million barrels of oil, a level of bullishness that had never been seen until four months ago.Freier, who is now suing the firm, told that she was warned not to disclose the investigation to anyone while it completed the settlement negotiations.Last month, she sought to resign, but was asked to stay on until February to help advise clients about the wind-down.
Such agreement provides for trustee duties, compensation of trustees, and governance as well as distributions and other administrative matters.
Industry data tracker HFR reported in September that 530 funds liquidated in the first half of the year, on pace for the second-most shut-downs in a calendar year except for 2008. Co-founder Leff and former co-chief investment officer David Russekoff have departed in recent years.
Perry, whose firm uses a so-called event-driven strategy focused on profiting from corporate shake-ups, added that a “substantial” amount of client capital would be returned in the beginning of October. Richard Perry launched the firm after working at Goldman Sachs’ risk arbitrage desk that was famous for producing star hedge fund managers.
In a bankruptcy, a liquidating trust may be formed whereby certain assets are placed in a trust for the benefit of creditors who may have certain claims against those assets.
A liquidating trust may also be an effective method for a fund manager to wind down a fund without having a significant role in the liquidation.