Sunday, 30 August 2015
Last updated 2 days ago
Jun 3 2009 | 4:35am ET
Citadel Investment Group’s flagship hedge funds continued their long, slow climb back from last year’s disastrous loses in May, bringing their year-to-date gains to 21%.
The Kensington and Wellington funds, which together manage approximately $8 billion, returned 6% in May. The funds benefited primarily from investments in convertible bonds, stocks and interest rate bets, Bloomberg News reports.
The two funds lost some 55% last year, leading Chicago-based Citadel to suspend redemptions. Kensington and Wellington still have a long way to go before making investors whole once again; according to Bloomberg, they must return another 84% to reach their high-water mark, when Citadel can again charge performance fees.
In February, Citadel announced it would create a “distribution program” to allow investors to get some of their money out of the fund. But according to Bloomberg, the firm has yet to loosen its bar on withdrawals and has not returned any money.
May 27 2015 | 2:15pm ET
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