Investors Ditch Once Lofty Cerberus Fund

Failed investments in Chrysler, GMAC have clients pulling $5.5B
Posted Aug 29, 2009 3:48 PM CDT
Investors Ditch Once Lofty Cerberus Fund
Chrysler vehicles on display at a Chrysler dealership.   (AP Photo)

Hedge-fund investors are leaving once-vaunted investment firm Cerberus Capital Management in droves, the Wall Street Journal reports. The firm, whose acquisitions of Chrysler and GMAC turned disastrous, is seeing $5.5 billion in capital—or 71% of its hedge fund assets—walk out the door. "We have been surprised by this response," says CEO Stephen Feinberg. (More Cerberus Capital Management stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X