Top UK hedge fund cuts Lehman exposure
GLG Partners, the largest UK hedge fund whose founding partners were backed by Lehman Brothers, said that it had removed the bulk of its assets from the bankrupt Wall Street bank last week and that any remaining exposure was insignificant, according to a report in The New York Times.
The firm with $23bn (€15.9bn) under administration has seen its funds lose 11% of their values, on average, through August.
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