Millennium Management Redemptions
Investors in Millennium Management Pull $3 Bil in October
Investors yanked billions from Millennium Management after the hedge fund made it easier to redeem their investments.
All told, the New York-based hedge fund returned about $3 billion in October, roughly 27% of its assets under management. The firm now runs about $8 billion, Reuters reports.
After the third quarter, Millennium changed its liquidity terms, giving investors the option of withdrawing a quarter of their assets every quarter, or all of it annually. The firm imposed no gate or other withdrawal restrictions during the financial crisis.
Millennium is up 15% through November.
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