This from the AP news wire :

Lehman Brothers liquidated three investment funds last quarter after their assets declined in value amid the larger credit crisis, according to a regulatory filing.

Lehman moved the funds’ assets — worth about $1 billion — onto its balance sheet. The bank purchased another $800 million in “deteriorated” assets from other funds, according to Lehman’s report for the quarter ended Feb. 29.

“Only global-macro hedge funds showed any real gains so far this year,” says Adrian Ash.

“But given they’ve had to wait six years for a decent surge (at last!) in asset-price volatility to start attracting new business, it hardly seems worth the bother.

“Sitting tight at the other end of that see-saw called risk, meantime, cash savers made a little on interest rates thanks to the ‘dash for cash’ by banks across the world, but they gave it all back to inflation and sleepless nights, even with Federal deposit insurance sitting behind the first $100,000 of potential losses.”