By James Mackintosh
Published: January 6 2009 02:00
Financial times
Hedge funds are suffering a New Year hangover of record proportions after an end of year rush to suspend or restrict withdrawals of money and the first of what is expected to be a wave of closures.
More than 150 - including funds from some of the biggest names in the industry, such as Tudor Investment Corp, Citadel, Cerberus Capital and Highbridge Capital - have limited redemptions. (Thereby postponing but not preventing the flood - AM)
Prime brokers, which provide services to hedge funds, and managers predict continued selling pressure into the markets from suspended funds for months to come as they try to cash in hard-to-sell assets. Withdrawals are expected to continue to the end of the first quarter.
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