Hong Kong-based Income Partners has suspended redemptions on its Asian Credit hedge fund, citing “extreme volatility in the financial markets."

The firm, founded in 1993 by Emil Nguy and Francis Tjia, said it has temporarily suspended subscriptions and redemptions for the fund “as a result of the recent financial turmoil” effective Oct. 23 until further notice.

The Asian Credit hedge Fund was launched February 2002 to focus on relative value long/short credit trading.