Saturday, 28 November 2015
Last updated 12 hours ago
Nov 5 2008 | 3:10am ET
Legg Mason’s Permal Group has suspended redemptions from two hedge funds after an underlying manager did the same.
Both the $700 million Permal Fixed Income Special Opportunities and $350 million Permal Global Opportunities funds invest with NWI Management, which has been inundated by withdrawal requests. New York-based NWI, which until now has offered monthly liquidity, is changing those terms.
Permal, also facing redemption requests, has extended the notice period for the two funds in question to 95 days from 20 days.
“Of all the measures one can take in this environment, this is relatively benign,” Omar Kodmani, senior executive for Permal, told Bloomberg News.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…