Polygon Offers Investors An Out, At A Price

May 27 2010 | 4:04am ET

Investors stuck in Polygon Investment Partners’ biggest hedge fund are being given the chance to get out, if they’re willing to accept a pretty severe haircut.

The London-based hedge fund said it will allow clients to redeem their investments, but only if they leave a quarter of their money behind. The US$3.7 billion Global Opportunities Fund suspended withdrawals in October 2008, a year in which the fund lost 48% of its value.

Polygon has already returned about half of the fund’s money, but has warned it will take until 2012 to free up the rest.

“We are pleased to have been able to offer this opportunity to those of our investors that had an immediate need for some liquidity,” Polygon’s Paddy Dear said.

According to Bloomberg News, investors representing only about 5% of the fund’s assets have taken Polygon up on the discounted redemption offer.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...