Skip to content
Subscriber Only

Ben Levine’s LMR Raises Capital After Hedge Fund Drops 12.5%

  • Firm has cut risk and stopped some traders from investing
  • Implosion of relative-value bets has led to losses for peers
A commuter, wearing a protective face mask, crosses London Bridge in view of Tower Bridge in London, U.K., on Thursday, March 19, 2020.
Photographer: Hollie Adams/Bloomberg

LMR Partners is raising capital after its main hedge fund suffered heavy losses amid the coronavirus-fueled implosion in global markets.

The $4.6 billion LMR Fund slumped 12.5% in the two weeks through March 13, according to people with knowledge of the matter. The setback led LMR to reduce its bets and stop some traders from investing, a step hedge funds typically take as part of their risk-management response to stem losses, said the people, who asked not to be identified because the information is private.