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Citigroup
stops withdrawals from hedge funds
Jennifer
Bollen
IFA Online
17 Feb
08
http://www.ifaonline.co.uk/public/showPage.html?page=701695
Citigroup
had moved to stop investors withdrawing their money from one of
its London-based hedge funds after panic selling which saw
investors try to pull out more than 30% of the fund's $500m
(£254.3m) assets, The Times reports.
The
bank has suspended redemptions in CSO Partners, a fund run from a
Berkeley Square address which specialised in corporate debt and
which lost 11% last year, according to The Wall Street Journal.
Citigroup last month injected $100m into the fund to
stabilise it. The funds long term manager, John Pickett, has also
departed after a dispute with Citigroup executives and complaints
from investors that he put too much money into a single
investment that went bad.
E-mail:
Jennifer.bollen@incisivemedia.com
Citigroup
halts hedge fund withdrawals
Malaysia
Sun
17 Feb
08
http://story.malaysiasun.com/index.php/ct/9/cid/3a8a80d6f705f8cc/id/328277/cs/1
Citigroup
has barred investors in one of its hedge funds from withdrawing
their money.
The largest bank in the U.S has temporarily
stopped redemptions in CSO Partners, a fund specialising in
corporate debt.
Citigroup injected US$100 million to
stabilise the fund after investors tried to pull more than 30 per
cent of its roughly US$500 million of assets.
Some
investors had tried to back out of the fund after Citigroup
managers committed more than half the fund's assets to buy
leveraged loans tied to a German media company.
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