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Hedge fund Copper Arch to liquidate
NEW YORK |
NEW YORK Nov 19 (Reuters) - Copper Arch Capital LLC, a $1 billion hedge fund founded by former Morgan Stanley (MS.N) executive Scott Sipprelle, has decided to liquidate, Sipprelle said in a letter sent to investors on Nov. 5.
In the letter, he said all funds in New York-based Copper Arch will be distributed to investors after Dec. 31.
He said the investing record of the equity long-short hedge fund has been "very good" but that he is seeking new challenges.
"We have achieved multiyear compound returns far in excess of the market averages over a variety of challenging investing climates," Sipprelle said in the letter.
Copper Arch declined to comment. (Reporting by Dane Hamilton; editing by John Wallace) (Reuters email: dane.hamilton@reuters.com. 646 223 6161; Reuters messaging: dane.hamilton.reuters.com@reuters.net)
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