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Fortress Bars Redemptions From Drawbridge Funds
December 4, 2008
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.
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