Millennium Sees $3 billion in Outflows
| December 28th, 2009 | ||
| Millennium Management paid out about $3 billion in redemptions to investors in October, according to Reuters. During the crisis, dozens of hedge funds put up “gates” to restrict clients from pulling money out of their funds. While no gates were put up at Millennium Partners, CEO Israel “Izzy” Englander spent months reconfiguring the rules to allow clients easier access to their money. The result was two new options offered to clients at the end of the third quarter: investors could receive 25% of their funds quarterly or 100% annually. Hedge Fund analysts approve of Millennium Management’s handling of the crisis which insiders say could’ve been worse for the fund which returned only 15% in 2009 through November amidst an industry average of 19%. After returning $3 billion to investors, Millennium was left with about $8 billion in assets. | ||
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Millennium Management |
Related People: David Nolan;
Related Entities: Millennium International Fund;
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News
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