Tuesday, 5 May 2015
Last updated 6 hours ago
Jul 11 2008 | 10:16am ET
New York-based Sandelman Partners has suspended redemptions from its flagship hedge fund amid a complete restructuring of its funds.
The $4 billion firm made the move after investors representing some 20% of its $3.2 billion Multi-Strategy Fund sought to withdraw their investments, Absolute Return reports. Instead, Sandelman told investors it will be moving 22% of the fund’s assets into a side account controlled by the firm, and gave them two options for the remaining 78%.
Investors can either move their money into a new fund—which will include the assets of its smaller fund, which is up 2.6% this year—with a one-year lockup, or into a liquidation fund, which will wind down its investments and pay investors back over time.
The new fund has been dubbed Sandelman Partners Opportunity.
The Multi-Strategy fund is down about 5% this year, following a decline of less than 2% last 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…