AI market round-up: Drake shuts down funds
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AI market round-up: Drake shuts down funds

Drake Management, the $11 billion global macro fund, has said it will be shutting its two remaining funds after poor performance. Its largest fund dropped 24% last year. Anthony Faillace, Drake’s CIO, has built up a solid reputation, however, after the fund returned more than 40% in 2006. The firm is expected to create some successor funds for investors that want to stay with it.

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