•  
• Tweet
•  
•        Print
•  
•         Track Keywords
•  
• 

Peter Vermeulen, editor of Inveztor.nl, sent Opalesque the latest news from the Dutch hedge fund industry:

Amsterdam-based fund of hedge funds manager Attica Fund Management announced in a letter to investors dated 22-July-09 that it would let investors subscribe and redeem again from the Attica Long Short Selector Fund (LSS) as of 31-August-09.

Attica wants to create a side pocket for this fund, but this requires a change of the terms and the prospectus of the fund. To do this, Attica has to facilitate redemptions under the old terms for a three-month period. Approximately 35% of the holdings will be put in the side pocket after this period. These less liquid holdings will be converted to the liquid share class of the fund within 18 to 24 months and that class will have monthly liquidity.

In the letter, Attica requested holders of LSS not to redeem more than 10% of their investment within the three month period, or else they would have to shut down the fund again.

Attica's other FoHFs, the Market Neutral Selector Fund (MNS), is still suspended for subscriptions and redemptions. The percentage of less liquid holdings in this fund is much larger given, for example, the investments in asset backed lending funds. Attica is evaluating options for this fund at this time.

Both funds were suspended in November last year (see ......................

To view our full article Click here