ABCmoney.co.UK- AIM-listed hedge fund manager Absolute Capital Management (ACM) has bowed to investor pressure and allowed investors in four funds currently being restructured to redeem up to 30 pct of their investments over the next 12 months.
The firm, which has 3.2 bln usd of assets, said that ‘following discussions with numerous fund investors’ liquid share classes in the Absolute Return Europe Fund, Absolute European Catalyst Fund, Absolute Octane Fund and Absolute East West Fund can now be redeemed.
Absolute Capital was faced with over 100 mln usd in redemption notices within a day of last week’s sudden departure of co-founder and joint chief investment officer Florian Homm. It has not released any updated figure on redemptions.
The redemption calls resulted in four of Absolute capital’s 10 hedge funds facing the prospect of liquidation unless investors agreed to separate illiquid holdings into a ‘side pocket’ of shares.
