Wednesday, 24 August 2016
Last updated 16 min ago
Jul 5 2012 | 10:51am ET
Hedge fund Credit Renaissance Partners has imposed a year-long redemption suspension in the face of sizeable losses.
The New York-based firm told clients that withdrawals from its eponymous flagship fund would be barred until June 30, 2013. Credit Renaissance said the move was made "in the best interest of all of the shareholders," but did not elaborate further in a note posted with the Irish Stock Exchange.
Credit Renaissance has lost 7.53% over the three months to the end of May and 15.03% in the 12 months to that point, Investment Europe reports. According to Eurekahedge, it is 35.19% below its high-water market.
Credit Renaissance invests in distressed debt, including mortgage- and asset-backed securities.