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From Kirsten Bischoff, Opalesque New York: There was some stirring in the media prior to the highly anticipated D-Day finale of November 15th which Reuters reported was “the last day for thousands of investors to notify hundreds of hedge funds if they want their money back by year's end.” (Source)

However, the beginning of the week has not brought much in the way of news coverage of exactly what may have played out over the fax lines this weekend. Opalesque spoke briefly with Andrew Lee, Chief Operating Officer of SYW Capital Management, whose strategy of a long/short macro fund entails monitoring multiple markets around the world, including tracking every fund with assets in excess of $1bln.

Surveying the fund of funds and family offices which SYW reaches out to, Lee says that expectations are that redemption levels may be as high as four times the 3Q 2008 level and that he does not believe the redemption spike in the industry will be a onetime event. “I think significant redemptions will be seen going forward as well,” with the very real possibility that March 2009 redemptions will equal or surpass what is to be seen at year end 2008.

“We still think we’re far, far away from any sign of a turnaround in the market,” Lee said. “It is not just the ......................

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