US hedge fund admits 35% plunge in value since downturn

[gopbuster]

Source: Gaurdian UK


US hedge fund admits 35% plunge in value since downturn

* Andrew Clark in New York
* The Guardian,
* Saturday October 25 2008
* Article history

One of the world's biggest hedge fund managers, Citadel, told clients last night that two of its main funds have lost 35% of their value this year after rumours swept the market about its financial position.

The Chicago-based firm, which has $20bn (£12.5bn) of funds under management, blamed "panic" and "dislocation" on global exchanges for its predicament.

Citadel is run by 40-year-old billionaire Kenneth Griffin, an investment prodigy who was married at Versailles palace and who once spent a reported $60m on a Cézanne painting.

On a conference call with investors, Citadel's executives said the firm's liquidity remained strong, with $8bn of unused credit lines available.



Read more: http://www.guardian.co.uk/business/2008/oct/25/hedge-fund-market-turmoil-citadel

[xchrom]

1. recommend

[dipsydoodle]

2. Bollocks to rumours

they were probably grossly overvalued anyway.