NEW YORK, July 1 (Reuters) - After big losses, hedge fund manager A.R. Thane Ritchie has barred investors from leaving his fund, Ritchie Capital Management, the Wall Street Journal reported on its website on Tuesday.
The article said the fund is currently valued at $2 billion, down from almost $4 billion in 2005.
Ritchie told the Wall Street Journal that keeping his investors’ money in the fund is the best move right now, since the alternative is to sell securities at “fire-sale prices”.
Ritchie told the Wall Street Journal that he has already returned some of his investors’ money and has promised to return the rest within three years.
Ritchie Capital Management could not immediately be reached for comment. (Reporting by Nicole Maestri; Editing by Tomasz Janowski)