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Article: Local hedge funds are getting clipped.(BUSINESS)(On Business)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- July 16, 2005
- Author:
CopyrightCOPYRIGHT 2005 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Neal St. Anthony; Staff Writer
There's a shakeout underway in the Twin Cities hedge fund industry, and national developments suggest that the gold rush to these alternative investments might have peaked.
According to local industry experts, in recent weeks:
- American Express Financial Advisors has shut down three of six funds that total about $1 billion and is returning several hundred million bucks to clients. The firm will continue to operate three funds from Boston and London.
American Express, without being specific, said the Minneapolis-based funds lacked the size to make them profitable operations. The closing affected ...