MEMPHIS, Tenn. (HedgeWorld.com)–Electronics company, Concord EFS Inc. is pulling the plug on two new proprietary hedge funds of funds worth US$150 million, after investors in the publicly listed company expressed concerns about what they perceive as risky nature of alternative investments, company officials said.
The company had just made the investment on July 1, according to Securities and Exchange Commission filings.
The Aug. 9 announcement follows news reports that the company was being investigated by the Securities and Exchange Commission, something the company denies. The rumors may have been triggered by an Internet message board posting, according to Dow Jones Business News.