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

Steinbrugge: Will Hedge Funds Help or Hurt During the Next Market Correction?

Sep 7 2016 | 11:55pm ET

Most investors have become accustomed to quick rebounds when markets correct, but...

Lifestyle

Quattrex Sports AG Debuts Soccer-Focused UCITS Fund

Sep 9 2016 | 9:54pm ET

Innovative alternative investment company Quattrex Sports has unveiled a new UCITS...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...