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Cerberus to ban withdrawals from 2 funds

Reuters – Cerberus Capital Management CBS.UL said on Wednesday it will prohibit investors in new hedge funds from withdrawing money for three years.

Earlier on Wednesday, the Financial Times reported Cerberus planned to bar withdrawals in two new funds to prevent the outflows that followed its loss-making acquisitions of carmaker Chrysler and financial services company GMAC.

“The three-year lock-up period will apply to all new hedge funds,” Timothy Price, managing director and spokesman for Cerberus, said in a statement to Reuters.

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