Tuesday, 9th February 2010

 

20 November 2008 - Press Briefing

Traumatic October leads to Citigroup hedge fund closure

Citigroup is winding down its Corporate Special Opportunities hedge fund after its value declined 53% last month, marking the ninth time in recent months that the Wall Street giant has had to liquidate or bail out a vehicle in its alternative investment division, according to a report in the Financial Times.

The fund, which had about $4.2bn (€3.3bn) under administration at its peak, has a net asset value of almost $58m and debt of nearly $880m, investors said. It is believed that investors in CSO are unlikely to get more than 10 cents on the dollar.

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