One year ago
»» Risking some $4 billion in assets, Izzy Englander’s Millennium Partners offered investors the choice to leave the fund, as the firm lifted the gates imposed following financial crisis redemption requests.
At its July 1, 2008 peak, the firm managed $14.21 billion, but Millennium was hit with $5 billion in redemptions between the end of 2008 and the first quarter of 2009 after losing 3.07% in 2008. The redemptions resulting from that modest loss triggered Millennium’s gates, locking in investors with quarterly liquidity terms.
Many chose to leave: Millennium’s assets fell from $10.5 billion on July 1, 2009 to $7.4 billion...