Friday, 27 November 2015
Last updated 4 hours ago
Oct 6 2010 | 12:26pm ET
Polygon Investment Partners has accelerated its plans to finish the wind-up of its flagship hedge fund, promising to return the remaining $1.2 billion within six months.
The London-based hedge fund told investors on Monday that they would have their money back by March 31, Bloomberg News reports. The move is something of an about-face for the firm, which in May told investors in the Polygon Global Opportunities Master Fund they could redeem their remaining investments now, but only at a 25% discount. Clients who balked at that haircut were warned it would take until 2012 to liquidate the portfolio.
It also follows a petition from some investors—including UBS—filed in August seeking an independent liquidator for the fund. That petition has been dropped.
Polygon shuttered Global Opportunities two years ago, after it lost 48% in 2008.
Some half of the remaining assets are liquid. The rest are less liquid and will be auctioned off this year. Investors will also be given the option of holding on to the illiquid investments, rather than selling them at fire-sale prices, in a new fund managed by Polygon.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…