Who is the legendary three-headed dog of ancient Greek mythology?
Three Headed Dog, Clients Flee Cerberus, Fallen Fund Titan Three Headed Dog, Clients Flee Cerberus, Fallen Fund Titan Investors in hedge funds run by Cerberus Capital Management LP, whose audacious multi-billion dollar bet on the U.S. auto industry went bust, are bolting for the door, clinching one of the highest-profile falls from grace of a superstar in the investment world. Clients are withdrawing more than $5.5 billion, or nearly 71% of the hedge fund assets, in response to big investment losses and their own need for cash, according to people familiar with the matter. “We have been surprised by this response,” Cerberus chief Stephen Feinberg and co-founder William Richter wrote in a letter delivered to clients late Thursday. The client exodus is a reversal of fortune for Mr. Feinberg and Cerberus. The New York investment firm emerged as one of the most successful private-equity and hedge-fund firms over the last decade — an era when these vehicles for the rich used cheap money to
