TCI Unlocks: Hedge Fund Loosens Redemption Rules

Aug 28 2009 | 9:20am ET

Combative activist hedge fund The Children’s Investment Fund is showing an unusual side of itself: its humble side.

The London-based hedge fund, which suffered huge losses last year and has continued to lose ground this year despite the hedge fund rally, is offering investors an olive branch, changing its highly restrictive redemption policy. TCI has told its clients that they can get up to 20% of their money back now, The Wall Street Journal reports.

What’s more, the firm has created a new share class that will offer quarterly withdrawals. Investors can move to the new share class after their lockups—some as long as five years—expire, according to the Journal.

TCI lost 43% last year and is down 3% this year. The losses have cost the firm nearly half of its assets: TCI, which once managed US$15 billion, now has just US$8 billion.

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