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Fund managing Ross Perot's money closes - report

Wed, Nov 26 2008, 07:13 GMT
http://www.afxnews.com

Nov 26 (Reuters) - Parkcentral Capital Management, an investment firm that manages money for the family of Ross Perot, is liquidating a fixed-income hedge fund because it is "no longer viable," Bloomberg reported.

This year through October, Parkcentral Global Hub's assets fell as much as 40 percent, to $1.5 billion, the news agency said.

The Plano, Texas-based fund is selling its remaining holdings to pay creditors, Eddie Reeves, a spokesman, told Bloomberg.

Perot, who ran unsuccessfully for U.S. president in 1992, and members of his family are the fund's biggest investors, the agency said.

"Parkcentral Global has been impacted dramatically by the unprecedented upheaval of the capital markets in general and the freezing of credit markets in particular," Reeves was quoted as saying. "The fund is no longer viable."

Parkcentral could not be immediately reached for comment by Reuters.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by Erica Billingham) Keywords: PARKCENTRAL/FUND

(ajay.kamalakaran@reuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800 +1 646 897 1898; Reuters Messaging: ajay.kamalakaran.reuters.com@reuters.net)

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