FrontPoint Investors To Redeem $500M In Q1
FrontPoint Partners has got an additional $500 million in redemption requests for the first quarter.
FrontPoint Partners has got an additional $500 million in redemption requests for the first quarter, Pensions & Investments reports. The firm received withdrawals requests of about $3 billion in the fourth quarter of 2010, half of which included FrontPoint’s health-care hedge funds, which were closed and liquidated at the end of November. With the latest requests, FrontPoint’s assets will be down about 47% from the $7.5 billion managed by the multi-strategy hedge fund at the beginning of November. FrontPoint’s executives will complete a management buyout before the end of March from parent company, Morgan Stanley, which will retain an undisclosed minority stake in the firm.
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