Tuesday, 30 June 2015
Last updated 1 hour 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…