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October 30, 2006

Archeus Shuts Down Another Hedge Fund Goes Under

posted by MR WAVETHEORY at 10/30/2006 04:14:00 PM
Another hedge fund casualty. This hedge fund, Archeus, went from $3 billion to $700 million in assets in 3 years. I love the names they come up with for hedge funds. So, what is an Archeus? According to Wiki, it is a vital force, the soul of the Earth or an ancient, primeval beginning, or fire. That's such a great name, because these guys have taken their investors back to the stone age in terms of returns! Personally, I prefer the last definition, fire, because everyone got burnt!
Archeus Capital Management LLC, a New York-based hedge fund firm that once oversaw roughly $3 billion in assets, plans to shut down by the end of 2006, according to a letter the firm sent to investors.

Archeus said it hadn't been able to recover from a series of investor redemptions that were sparked by record-keeping problems, an investor who's seen the firm's letter said on condition of anonymity.
Archeus said it currently oversees roughly $700 million in highly liquid assets. The firm plans to liquidate its funds and return money to investors based on the value of its assets as of Dec. 31, 2006.

Just a few months ago, the founders told Bloomberg that pay isn't what motivates them to work. Looks like it won't anymore.

In September 2002, Hirsch cofounded Archeus Capital Management LLC with Gary Kilberg, a friend from his days at the University of Chicago who'd been a managing director at eSpeed Inc., an electronic system for trading securities, and UBS AG.

The two spent months putting together a business plan, fine- tuning it to avoid mistakes they identified at other hedge funds. Archeus, for example, takes several years before its principals' partnership interests vest.

Hirsch, who declines to give specifics of the vesting schedule, says the policy will forestall traders from departing to start their own funds -- a common occurrence.

Archeus manages more than $500 million and buys and shorts bonds and other fixed-income products.

Seven Professionals

Hirsch, unlike some other hedge fund managers, says that pay isn't what motivates him or the seven other professionals at Archeus. ``It's about how you want to spend your time doing what you like,'' he says. ``Each of us has opportunities away from Archeus if we so choose.''

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