Friday, 28 April 2017
Last updated 10 hours ago
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.