Cerberus Investors Choose to Withdraw
August 23rd, 2009
Clients of Cerberus Capital Management’s core hedge funds have opted to withdraw the majority of money from the funds, marking a sharp rebuke to the weakened firm and its boss Stephen Feinberg.
Clients owning more than $4 billion of the $7.7 billion in assets in the Cerberus Partners hedge funds have opted to liquidate their holdings, rather than allow Cerberus to collect its typical fees and continue making new investments, say people familiar with the matter.
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