COMPANIES A hedge fund that is chaired by Lord Skidelsky, the historian, and has former Irish taoiseach Garret FitzGerald on its board has failed in an attempt to convince investors to lock up holdings to avoid a firesale.
Frankfurt-based Wermuth Asset Management’s Greater Europe fund wrote to investors this week to appeal to them to drop withdrawal requests, warning that a firesale of assets would leave it down 93 per cent in a year. It would have to sell assets at a 75 per cent discount to what it could receive if sold over 12 months, it said, with 60 per cent of holdings written off entirely.
