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From Kirsten Bischoff, Opalesque New York: Denholm Hall, which has invested in the Russian markets since the early 1990s, reached out to investors this week addressing concerns of illiquidity in the Russia markets and redemption requests for Denholm Hall Russia Arbitrage Fund Ltd.

In 2006, Denholm Hall was ranked by Allenbridge as the top performing emerging market hedge fund (over a three year period). According to a November 2007 interview Opalesque had with Denholm Hall CEO George Nianias, the Russia Arbitrage Fund invests in domestic Russian short term credits of non-listed companies (see article here).

“We are currently working on a plan that best addresses the needs of all investors in the fund, whether current or redeeming, with the intention of treating all investors fairly. This may involve a restructuring of the fund, including a proposal to manage current redemption request and changes to the Fund’s hedging policy,” said the letter. It also indicated that investors in the fund would be contacted directly by the Fund’s Directors in the coming days in connection with the proposals discussed within the letter.

Comment: effective and proactive communication is critical for hedge funds The letter was skewered by a media outlet today, ......................

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