• English   Deutsch   
  •  GMT      
  • LONDON      
  • FRANKFURT      
  • NEW YORK      
  • SAO PAULO      
  • TOKYO      
  • SYDNEY      
Hedge Fund Database
Morgan Hedge Fund Database



  Hedge Fund Search
Name, ISIN, Ticker:

Hedge Funds Search Detailed Search
  Hedge Fund Directories
Listed Hedge Funds:9,944
HF Professionals:16,366
Service Provider:515
CSO hedge fund will be liquidated
  Hedgeweb - THU, NOV 20 2008
Funds & Investment Citigroup is liquidating its Corporate Special Opportunities hedge fund after it lost 53 per cent of its value last month, marking the ninth time in recent months that the bank has had to close or rescue a fund in its alternative investment unit (CAI).

CSO, which managed almost $4.2bn at its peak, has a net asset value of about $58m and debt of about $880m, investors say. People familiar with the matter say investors are likely to receive no more than 10 cents on the dollar.

The fund faltered even though Citi supplied it with $450m in credit lines and equity infusions of about $320m. It also bought assets with a notional value of $1bn that it placed in the fund.

Investors in the fund - which invested mainly in debt backing European private equity deals - have not been allowed to withdraw their money for about a year as performance deteriorated. Losses for Citi could total hundreds of millions of dollars, according to people familiar with the matter.

Yesterday CAI already announced the unwinding of Falcon, a fixed income fund.

© Morgan Hedge™ · HEDGEweb™
Morgan Hedge and HEDGEweb are Trademarks of morganhedge.com, TAA LLC and VIImedia S.A.