Monday, 4 May 2015
Last updated 4 hours ago
Apr 3 2008 | 12:02pm ET
London activist hedge fund shop Polygon is relaxing its redemption policy in the face of a slew of withdrawal requests.
The US$8 billion fund has decided to junk its first-come, first-served redemption system that limits the number of investors who can redeem at any given time. Instead, investors will be able to move their money into a new share class without the “stacked gate” restrictions.
“We think the stacked gate can create a prisoners dilemma that can incentivize investors to put in redemptions so they do not get caught at the back of the queue,” Polygon co-founder Paddy Dear told The Telegraph newspaper. “We are voluntarily offering investors the chance to move to a new class of shares that will not have any gate. We believe other funds will follow our lead.”
Though the firm made the move to cut down on redemption requests, it insists that it does not face a huge number of withdrawal demands. In spite of the reportedly large number of investors seeking to redeem, Dear said that the gate limit had not been reached.
Polygon is down about 4% this year.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…