The Hedge Fund That Couldn't Stay Open Long Enough for a Big Payday
- Money managers forced to unwind bets against Portuguese bank
- Funds in retreat miss out on paydays of almost $70 million
Why Money Managers Unwound Bets Against Novo Banco
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Toby Dodson waited six months for his bet against a fragile Portuguese bank to pay off.
But before the reckoning, word came down from his hedge fund bosses at Achievement Asset Management in Chicago: get ready to clear out your desk and unwind your trades, we’re shutting down. They’d lost too much on U.S. energy companies and so became one of the 979 firms to announce their closure last year.