Reuters- Citigroup has suspended investor withdrawals from a $500 million (256 million pound) credit hedge fund to give it a chance to "stabilize," a bank spokesman said on Friday.
The London-based fund, called CSO Partners, was facing investor redemptions after a 10 percent loss in November, prompting its manager John Pickett to resign, according to Citigroup spokesman Jon Diat.
The fund was up 27 percent since inception in August 2004 to December 31, 2007.
"We have temporarily suspended redemptions of all shares of CSO to stabilize the fund and allow time to address its funding needs to meet anticipated obligations," said Diat in a statement.
