Fortress Bars Redemptions From Drawbridge Funds

Dec 4 2008 | 12:03am ET

Embattled Fortress Investment Group is pulling up the Drawbridge as it continues to be inundated with redemption requests.

In a Securities and Exchange Commission filing, the publicly-listed hedge fund manager said it had suspended redemptions from its Drawbridge Global Macro Fund and its feeder funds.

The fund, which managed some $8 billion on Sept. 30, has received $3.51 billion in withdrawal notices for its Nov. 30 and Dec. 31 redemption dates. But the firm estimates the fund will have just $3.65 billion on Jan. 1, although the withdrawal bar will cover both the November and December redemption dates.

Fortress did not say how long the suspension would remain in place. Drawbridge is down about 12% this year.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of