This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cooper Hill Closing Down

Decade-old healthcare-oriented hedge fund Cooper Hill Partners is closing up shop.

A series of funds managed by the New York-based alternative investment company were reporting average Sept. 11 year-to-date losses of more than 10%. The downward action compelled investors in the fund, which managed some $300 million in assets, to head for the hills.

Cooper Hill had been a long/short player in a number of healthcare and biotech company names including Amylin Pharmaceuticals (AMLN), Genentech (DNA), St. Jude Med (STJ - Get Report) and Assisted Living Concepts (ALC).

Rumors of Cooper Hills' slide had been floating around Wall Street since late August. Calls to officials at the firm's New York office were not immediately returned.

In a letter distributed to investors announcing the funds' closure, portfolio manager Alex Casdin said declines in asset values and redemptions caused strains on the firm's infrastructure. "In short, we were faced with a situation where we could not guide for the long term while looking in the rear view mirror," Casdin wrote.

The closure of the hedge fund was first reported by hedge fund industry newsletter Alternative Investment News.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
STJ $67.76 -0.76%
AAPL $124.75 -1.13%
FB $80.78 -1.86%
GOOG $524.05 -1.83%
TSLA $206.79 0.04%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs