LibertyView Capital Management, a hedge fund manager owned by Lehman Brothers Holdings Inc., informed investors Tuesday by letter that it intends to close its LibertyView Fund LP Master Fund and redeem client assets “as soon as practicable balancing the goals of protecting capital while avoiding excessive transaction costs,” according to a source who asked not to be named.
LibertyView Capital was acquired by Lehman’s Neuberger Berman subsidiary in 2002 and has operated largely autonomously since the acquisition. The source said LibertyView likely will not be part of the investment management division that Lehman Brothers currently is trying to sell.
David Lane, senior vice president, told LibertyView clients in the letter that the decision to close the firm’s flagship fund was made because of “unprecedented adverse market conditions” and the bankruptcy filing of Lehman Brothers Holdings. LibertyView manages a total of $1.5 billion; the size of the flagship fund could not be learned, and Mr. Lane could not be reached. Randall B. Whitestone, a Lehman spokesman, declined to comment.
