Continuing the theme that funds named for fixed emplacements are dangerous investments (we think the marketing types are over-compensating for their poor risk-mitigation expertise) Fortress Investment Group, LLC has frozen withdrawals from their largest fund. The $8 billion fund is looking at $3.51 billion in redemption requests. Ow.
Sure, part of it might have to do with everyone’s lust for liquidity, or the 13.5% loss through the end of September. Whatever the case, the fund will be under $4 billion in assets absent some miracle.
Fortress Halts Withdrawals From Global Macro Fund [Bloomberg]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
I interned at fortress DGM back in the day.
HOLLA BACK!
I hear Maginot Capital Partners had a really bad May once.
My ex-wife’s brother works at Fortress. He is a HUGE ASSHOLE and I hope he is looking for work!
‘Fixed fortifications are monuments to human stupidity.’
wasn’t AQR supposed to have layoffs last week?
It’s not marketing, it’s full disclosure. You know what happens to drawbridges when the barbarians come? Can’t say they didn’ warn ya…
what’s a Caxton to do?
@3… I suspect he is, at least as of today. ; )
“What’s liquidity, Fool?”
“It’s that stuff you need for the moat, sire.”
Has Citadel completely blown up yet?
I know another huge A-Hole that works at Fortress. This A-Hole has relatives in the New Jersey mob. So HA HA HA to him.