Hedge fund puts freeze on withdrawals
Friday, July 11, 2008 : PermalinkInvestment News – Investors in Sandelman Partners LP’s $3.2 billion multistrategy hedge fund will not be able to make withdrawals due to a restructuring of the fund, The Wall Street Journal reported.
The announcement came after 20% of stakeholders in the Sandelman Partners Multi-Strategy Master Fund Ltd. had requested withdrawals after it had demonstrated a 5% loss for the year at the end of June, according to the Journal.
Investors were informed that 22% of the fund will be placed in a side account run by the New York-based firm.
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