Thursday, 31 July 2014
Last updated 16 hours ago
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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…