London Credit Shop Suspends Redemptions

Jan 17 2008 | 9:25am ET

Yet another fixed-income hedge fund has been forced to suspend withdrawals as the credit market continues to spiral downward.

Elgin Capital suspended redemptions from its US$1 billion Corporate Credit Strategy just before Christmas, the Financial Times reports. The firm has also stopped calculating the fund’s net-asset value.

The London-based hedge fund firm, which manages some US$3.3 billion, had expressed optimism about the fund’s portfolio at the end of the third quarter. At the time, it was down about 6.3% on the year. Since then, leveraged loans have continued to decline in value, causing further losses for Corporate Credit.

Elgin was founded in 2003 by Mike Clancy, former credit trading chief at Merrill Lynch, and Guillaume Bonpun, who headed bond syndication at Dresdner Kleinwort.

 


In Depth

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...

 

From the current issue of