Fortress pulls up Drawbridge fund

Fortress Investment Group LLC has suspended redemptions from its largest hedge fund and three of its feeder funds., according to a filing with the Securities and Exchange Commission.
DEC 04, 2008
Fortress Investment Group LLC has suspended redemptions from its largest hedge fund and three of its feeder funds., according to a filing with the Securities and Exchange Commission. In the filing, the New York-based asset manager said yesterday investors will not be able to withdraw funds from its Drawbridge Global Macro Fund Ltd. Investors had asked to retrieve approximately $3.51 billion for the Nov. 30 and Dec. 31 redemption dates. That amount includes $1.5 billion in redemption notices received through Nov. 1 that were disclosed last month. Fortress estimates that the Drawbridge Global Macro Fund and its three feeder funds will have $3.65 billion in assets under management as of Jan. 1. “The boards of directors and general partner of the applicable feeder funds have evaluated the most appropriate course of action to take in response to the requested redemptions in light of applicable requirements and current market conditions, and have acted unanimously to temporarily suspend pending redemptions from the fund,” read the SEC filing. Fortress shares fell by as much as 27 cents, or 14%, to $1.60 per share in morning trading.

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