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Long-Term Capital Turning a Profit

November 11, 1998| Bloomberg News

Long-Term Capital Management, the hedge fund taken over in September after losing $4 billion, started making money for its new owners this month, people familiar with the firm said.

The fund began turning a profit as the Federal Reserve Board cut interest rates and the bond market recovered from the debacle that followed Russia's default and devaluation in August.

The owners are the 14 banks that bought 90% of the Greenwhich, Conn.-based fund for $3.6 billion. A spokesman for the group of banks declined to comment on the fund's performance.

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