Bear Stearns-backed hedge fund goes bust

Jun 16, 2006 @ 12:01 am

By Aaron Siegel

Mosaique Capital Management, a $374 million fund-of-funds backed by Bear Stearns Cos. Inc., is shutting down after the Securities and Exchange Commission found that a broker was being paid by both the fund and by the investors, according to published reports.

The fund's chief, Andrew Haas, a 25-year veteran of Bear Stearns, announced his retirement in a letter and said that another Bear Stearns executive would supervise the liquidation of the fund.

Bear Stearns reportedly owned 25% of Mosaique, which returned 5.59% last year and was up 14.11% in 2003.

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