Wingspan to Shut Down Hedge Fund Following Poor Performance
- Ex-Goldman executive expects to return 80% of cash by Jan. 31
- Ratchford says credit strategy isn’t meeting his expectations
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Wingspan Investment Management, the $800 million hedge fund firm founded by former Goldman Sachs Group Inc. partner Buckley T. Ratchford, is closing down and returning capital to investors, citing poor performance and market conditions.
Ratchford, the former head of global bank loan trading and distressed investing at Goldman Sachs, told clients Friday in a letter obtained by Bloomberg that he expects to return 80 percent of investors’ money by Jan. 31, and the rest by the end of the second quarter. A spokesman for the firm declined to comment.