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Level Global Has Received $750 Million In Redemption Requests

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David Ganek's Level Global, one of the three hedge funds raided last fall as part of the Feds' insider trading case, has received approximately $750 million in redemption requests, according to people familiar with the matter.

In addition to Loch Capital and Diamondback Capital Management, Level Global was raided by the FBI on November 22. Level Global has not been accused of wrongdoing.

It's not yet known if more investors will redeem from the fund (which currently has around $3.5 billion in assets under management); investors have until February 28 to give the firm notice for the next opportunity to take their money out (March 31). According to several individuals, Level has cut its exposure to the lowest levels since fall 2008, possibly as a defensive move or as a precursor to a full liquidation, should one be necessary.

Level has apparently held discussions with people close to the firm about what would happen in the event they liquidated for the March 31 redemption date. It's been stressed that "all options are on the table" and, given that they still have no idea what total withdrawal requests will look like, that "no decision has been made."

Level Global declined to comment for this story.

UPDATE: Hedge Fund Level Global Is Shutting Down