Hedge Funds

UBP rescinds Millennium redemption request


Millennium Partners, which was hit with $5 billion in redemption requests between the end of last year and the first quarter of 2009, has managed to get about 20% of that rescinded.

Israel Englander

After it got caught up in the Madoff scandal, Switzerland's Union Bancaire Privée said it would invest only in funds with independent administrators, which led it to ask for its money back from Millennium. Soon thereafter, Millennium Partners hired outside administrator GlobeOp Financial Services, and UBP withdrew its request.

"That's what the investing public wants, and that's why we're doing it - to