Tuesday, 4 August 2015
Last updated 2 hours ago
Dec 23 2008 | 2:26am ET
Hedge fund Magnetar Capital is closing the gates on investors after it received more than $700 million in redemption requests.
The Evanston, Ill.-based firm, which manages some $8 billion, told investors on Dec. 18 that withdrawal requests in excess of 15% of its multi-strategy fund’s assets were received for its year-end redemption date, triggering the gate provisions, Bloomberg News reports. The $4.8 billion fund is down 30% through November.
Magnetar told investors that it imposed the withdrawal restrictions to avoid forced asset sales. The hedge fund said that those clients who got their redemption requests in by Sept. 30 will get 10% of their request in cash, and another 5% in shares of two Magnetar credit hedge funds.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…