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Millennium Hit By $1 Billion In Redemption Requests

November 25, 2008

What’s the opposite of the rising tide lifting all boats?

Despite avoiding the precipitous declines that have struck many of its peers, Millennium Partners is still facing redemptions large enough to trigger its gate provisions limiting withdrawals. The firm, which is down about 3% in a year in which the average hedge fund is down by double-digits, will return $1 billion to investors by the end of the year, Bloomberg News reports.

The withdrawals amount to 7.4% of Millennium’s $13.5 billion in assets.

According to Bloomberg, some investors may yet withdraw their withdrawal requests, which could prevent the gate restrictions from coming into effect.


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