Shares of RAB Capital PLC surged 29 percent Friday morning after the hedge fund announced it would save money by closing a number of troubled funds and revealed its balance sheet was stronger than analysts had expected.
RAB said the funds it planned to shut down included one prime broker with exposure to collapsed Wall Street investment bank Lehman Brothers.
The value of assets under management by RAB has fallen from $5.5 billion on July 1 to $2.8 billion on Nov. 1, the company said.
"We have taken the necessary action to focus the business and reduce its scale of operations in the context of …
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