Vicis Capital Suspends Redemptions After Hedge Fund Loses 12%

Bloomberg – Vicis Capital LLC, the $2.9 billion hedge fund started by former Lehman Brothers Holdings Inc. trader John Succo in 2004, barred clients from withdrawing money from its main fund after losses this year.

The firm received “higher-than-anticipated” requests for a Sept. 30 distribution from its Vicis Capital Fund, according to a letter sent to clients today and obtained by Bloomberg News. The New York-based hedge fund will resume withdrawals if clients approve a plan to separate hard-to-sell assets into another pool, the letter said.

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