Initially successful with annualized return of over 21% (after fees) in its first year, 43% in the second year and 41% in the third year, in 1998 it lost $4. 6 billion in less than four months following the 1997 Asian financial crisis and 1998 Russian financial crisis. The firm's master hedge fund, Long-Term Capital Portfolio L. P. , collapsed in the late 1990s, leading to an agreement on September 23, 1998, among 14 financial institutions —which included Bankers Trust, Barclays, Chase Manhattan Bank, Crédit Agricole, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley, Paribas, Salomon Smith Barney, Société Générale, and UBS—for a $3. 6 billion recapitalization (bailout) under the supervision of the Federal Reserve. The fund liquidated and dissolved in early 2000.
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