Fortress Halts Withdrawals From Global Macro Fund

Date: Wednesday, December 3, 2008
Author: Larry Edelman, Bloomberg

Fortress Investment Group LLC halted withdrawals from its largest hedge fund after investors asked to pull $3.51 billion by year-end.

Redemptions from Drawbridge Global Macro Fund Ltd. include $1.5 billion in requests disclosed last month, the New York-based company said today in a filing with the U.S. Securities and Exchange Commission. Fortress didn’t say when investors will be able to get their money.

Drawbridge Global Macro lost 13.5 percent this year through Sept. 30, leaving it with $8 billion in assets, the company said last month.

The fund will have an estimated $3.65 billion in assets as of Jan. 1, based on redemption notices received, suspension of those redemptions and an anticipated restructuring, Fortress said in the filing.

To contact the reporter on this story: Larry Edelman in Boston at ledelman3@bloomberg.net.