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June 30, 2006
Hedge Fund Mangan & McColl to Close
According to reports, Mangan & McColl will be closed at the end of July 2006. Mangan & McColl is the local hedge fund run by John Mangan Jr. and Hugh McColl III. The Charlotte-based firm said that the decision was based on a reduced number of attractive investment opportunities. Mangan & McColl always focused on merger and arbitrage. It was involved in several merger decision taken by companies in the past. Mangan ran into trouble in December 2005, when it was fined $125,000 and was barred from the brokerage industry for alleged improprities. Then industry experts predicted a untimely demise for the company. The firm's assets under management have been decline for some time now.
According to Charlotte Business Journal -
In 2005, according to a performance update sent to investors, Mangan & McColl reported a loss of 2.10% compared to a gain of 5.69% for the Hedge Fund Research merger arbitrage index. In the update, Mangan & McColl told its investors that it expected its investment opportunities to be "plentiful" in 2006.
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