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

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...