London Credit Shop Suspends Redemptions

Jan 17 2008 | 8:25am 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

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Ex-Hedge Fund Billionaire Won’t Run For Senate

Jan 23 2015 | 5:48am ET

Ex-hedge fund manager Tom Steyer will not run for Senate after Sen. Barbara Boxer...

Guest Contributor

From Switzerland With Love: Some Hard Truths About Central Banks And Risk

Jan 23 2015 | 7:54am ET

In the wake of the Swiss National Bank uncoupling the country’s currency from...

 

Editor's Note