After the storm

Cover story: Hedge funds

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Global equity market turbulence in May and June saw many hedge funds suffer large losses from volatility trades. Perhaps the highest-profile losses globally were those of Amaranth Securities, a Connecticut-based hedge fund and a major dispersion trader. Following the spike, two traders - Todor Delev and MiaoDan Wu - left the firm. Reports say Amaranth had some very large equity volatility positions and had been unwinding equity correlation positions since May. Certainly, one Singapore-based

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