Millennium opens gates, introduces investor-friendly terms
Fri Sep 4, 2009
Millennium Partners is opening the redemption floodgates to let out unhappy investors, a move that could cost the firm as much as $4 billion in capital.
Millennium Partners is opening the redemption floodgates to let
out unhappy investors, a move that could cost the firm as much
as $4 billion in capital. Investors that stick with the firm
will benefit from friendlier liquidity terms, an effort by
Millennium to keep investors from lobbing in preemptory
The firm will allow any investors in its quarterly share
classes with September 30 redemption requests to be paid in
full, opening the gates that were triggered in late 2008 when
investors desperate for cash innundated the firm with billions
of dollars in withdrawal requests. But investors may well may
be inclined to change their mind: This year, Millennium's
offshore fund is up 9.76% as of August...
TAKE A FREE TRIAL
The full contents of this article are available to Absolute Return subscribers and trialists only.
To continue reading please, take a free trial, subscribe or log in.
Subscribers have unlimited access to all current and archive content. Start your subscription today - click on the button below.