Friday, 24 February 2017
Last updated 47 min ago
Aug 25 2008 | 1:00am ET
A huge number of redemption requests has Ore Hill Partners closing the door.
Investors fleeing the fixed-income hedge fund shop, which is half-owned by Man Group, triggered an automatic gate provision at the firm’s $1.2 billion Ore Hill International Fund, it said. A spokeswoman for the firm told The Wall Street Journal that the fund’s directors are considering what steps to take in the interests of all of the fund’s investors.
The fund’s flagship was deluged by redemption requests for September, as investors seek to get out of a vehicle heavily invested in such distressed sectors as bank debt, bridge loans, high-yield bonds, structured credit and collateralized debt obligations.
Ore Hill, which was founded in 2002, manages about $3 billion.