Activist firm Pardus freezes redemptions


Pardus Capital Management, an activist hedge fund based in New York, has halted investor redemptions indefinitely following losses in its portfolio, according to news reports.

The firm, which manages about $2 billion in assets, has been pushing for the merger of Delta Air Lines and United Airlines’ parent UAL, and its positions in both of those stocks have been significant losers over the past couple of months.

“The actions we have taken will allow us to protect the funds and their investors from the external short-term pressure of the broader financial markets,” the firm was quoted as saying this week.