JWM Partners LLC is closing its main Relative Value Opportunity II fund after losing 44 percent from September 2007 to February 2009. Meriwether, credited with generating billions of dollars of revenue at the former Salomon Brothers in the 1980s through so-called relative value trades, returned an average of 1.46 percent a year with his new fund since opening in 1999, compared with 2.4 percent for the Credit Suisse/Tremont Hedge Fixed-Income Arbitrage Index.
JWM Partners was created in 1999 by John Meriwether more famously known for his earlier hedge fund creation Long Term Capital Management. To learn more about LTCM read "When Genius Failed", LTCM lost $3billion dollars in 3 months.
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