Millennium Management, a $11bn New York hedge fund, has appointed an independent administrator amid demands by investors in the wake of the alleged Bernard Madoff fraud.
Funds from London managers GLG Partners, RWC Partners and Oceanwood Capital all introduced last-minute restrictions as the year ended, while Ilmatar, a Finnish fund, announced that it would close.
The US venture capital industry, an important source of capital for technology start-ups around the world, is facing a severe shake-out that will lead to a contraction in future investments, according to some of Silicon Valleyâ??s leading financiers.