CityWire – The future of the Dexion Trading hedge fund has been called into question after the triggering of a share buyback offer.
Structured as an investment trust that feeds into its parent Permal Macro Holdings fund, Dexion Trading’s discount control mechanism compels it to hold a redemption offer for up to 30% of its share capital at net asset value less costs if the shares trade on discount of 3% or more over any calendar quarter.
