Tuesday, 24 May 2016
Last updated 7 min ago
Nov 8 2007 | 11:58am ET
Hedge fund AQR Capital Management has dropped its plan to go public as it faces substantial withdrawals.
The Greenwich, Conn.-based firm, which manages about $35 billion, has not participated in the hedge fund resurgence over the past two months. Its flagship Absolute Return Fund lost about 3% last month, and is down 6% year-to-date, according to the New York Post. The poor performance has reportedly led several large investors to file redemption requests.
AQR was one of the firms hit hardest by this summer’s market swoon, and in July announced it was postponing its planned $500 million initial public offering. The firm planned to sell 10% of itself.