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Article: Activists give hedge fund a taste of its own medicine
- Article from:
- The Sunday Telegraph London
- Article date:
- April 1, 2007
- Author:
CopyrightCopyright 2007 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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MOST hedge fund managers are all too familiar with the idea of
applying pressure on the management of underperforming companies. But
Cheyne Capital, one of London's most pre-eminent hedge fund managers,
is about to find itself on the wrong end of the argument.
In an ironic twist of events, a group of traditional institutional
shareholders led by Scottish Widows Investment Partnership, are
plotting a rebellion over the performance of Queen's Walk Investment -
the Aim-listed investment vehicle that Cheyne brought to market 15
months ago.
Queen's Walk has been hammered by the fall-out from the collapse
of "sub-prime'' lending in the US, issuing two profit warnings this
year. Although the fund ...