Troubled hedge fund Absolute Capital Management will see more than half its assets disappear when its lockup period ends in November.

Jonathan Treacher, AbCap’s chairman, told Financial News that investors could withdraw as much as €500 million (US$796.8 million), leaving the firm with between €200 million (US$317.3 million) and €300 million (US$476 million).

The firm moved about €550 million (US$872.6 million) in illiquid assets into frozen side-pockets after the abrupt departure of co-founder Florian Homm in September. The hard-to-sell assets were then discovered.

“Some people have said they would move money to us,” Treacher told FN. “We have set a restructuring path for Absolute, the issue is, will we have a business post-November, and that depends on people trusting us enough to leave their money with us.”