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.
Up to 40% of private equity groups may fail (Fund News)
The deepening economic crisis could see up to 40 per cent of private-equity firms go out of business within the next three years as their portfolio companies default on debts, according to an analysis by the Boston Consulting Group and Spainâ??s IESE Business School.