Firm Shutters Credit-Starved Fund Despite Double-Digit Returns

Oct 20 2008 | 9:48am ET

You can call the latest hedge fund chalk outline collateral damage.

While most hedge funds that have shuttered can blame their failure on poor performance, investor redemptions or some combination of the two, Millennium Global Investments’ US$818 million Global Emerging Credit Fund is simply a victim of the credit freeze.

London-based Millennium Global is liquidating the fund because its lenders withdrew its credit, according to Bloomberg News, despite a history of double-digit returns and a 13% gain this year.

Millennium Global, which is unrelated to New York-based hedge fund Millennium Capital Management, runs five other funds with about US$14 billion in assets.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...