Traxis Partners, the $1.2 billion hedge fund started by Barton Biggs, told clients it will liquidate a vehicle he managed and transfer the assets to another pool following his death over the weekend.
The Traxis Global Equity Macro fund will be cashed out and the assets will be invested on Aug. 1 in the Traxis Fund, managed by partners Amer Bisat, Andy Skov and Krishen Sud, the firm told clients Tuesday in a letter, a copy of which was obtained by Bloomberg News. Investors will have the option of withdrawing their money at the end of this month.
“We don't have indications of deep demand for redemptions at all,” Mr. Bisat said in a telephone interview. “We're doing this as a sign of confidence since we recognize this is an important event for investors and the firm.”
Mr. Biggs, a former global investment strategist at Morgan Stanley, died on July 14 at age 79. He died from a bacterial infection after falling ill a few weeks ago, according to Mr. Bisat.
Traxis Global Equity Macro, one of five funds managed by the firm, has about $300 million in assets and lost about 1.5% this year through June, the person said.