hedge funds, is to close.

Brencourt Advisors, who operate the fund, will close that one and another US based fund and are preparing to launch a new hedge fund on May 1st.

The two funds to be closed have attracted $750 million in assets since their launch on February 1st. This is believed to be one of the largest hedge fund launches in the arbitrage strategy and they have drawn institutional investors on a global basis.

Bill Collins, chairman and chief executive officer of Brencourt Advisors, only set up the company at the beginning of this year. His aim is to continue the investment philosophy and strategy that he established when he founded, organised and managed the Taurus funds.

By the time he left Taurus the team had client assets under management in excess of $1 billion.

Of the new fund to be launched Mr. Collins said, "We are very excited about the prospects for this new fund. It has been very gratifying for me that all of the former Taurus professionals that I asked to join Brencourt this year have done so. We have been grateful and humbled by the enormous support given to us by the arbitrage community and by the professional investors who have entrusted their capital to our care.'' Brencourt Arbitrage International has been open to qualified non-US and US tax-exempt investors. It is listed on the Irish Stock Exchange.