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 redemption requests.

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.


Subscribe

Subscribers have unlimited access to all current and archive content. Start your subscription today - click on the button below.

Subscribe now