Hedge Funds

Halbower’s Pentwater suspends fund withdrawals

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Pentwater Capital Management, the event-driven firm started by former Deephaven Capital Management star trader Matthew Halbower, is suspending redemptions following an unexpected wave of yearend withdrawal requests from investors.

The firm has reportedly told investors it is taking this action to avoid having to sell assets into a declining market. In what is becoming an increasingly common practice, the firm is offering investors a chance to rescind their redemption requests, reduce the size of those requests or commit to maintaining their investment but moving it to a new share class structure that would require a lockup, the length