TCI's Hohn to let investors withdraw cash from fund
Hedge fund manager Christopher Hohn is offering to return some cash to clients, in the latest sign of how managers are bowing to pressure from investors to ease restrictions that can lock up their money for years.
Hohn's firm, The Children's Investment Fund Management, or TCI, has advised investors that they will be able to withdraw up to 20% of their money in his fund, according to people familiar with the matter.
TCI also has introduced a share class allowing investors to withdraw money on a quarterly basis once their current lockup periods -- of up to five years -- expire, the people said.
Representatives for TCI couldn't be reached for comment.
The move by Hohn comes at a time when clients disappointed by large losses are pressuring hedge funds to relax the terms of investments made in better times.
At TCI, Hohn sustained losses of about 43% last year after delivering years of stellar performance. The fund, which currently has roughly $8bn (€5.6bn) of assets, down from $15bn in 2007, is down about 3% this year, people familiar with the matter said.
Write to Cassell Bryan-Low at cassell.bryan-low@wsj.com This article can be found online at www.wsj.com
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