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Ore Hill Partners - Credit strategies

2008-08-22

Count of distinct funds: 1
Capital base: $1.2 billion
Loss: 6.5% on the year through July

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stories: reuters.com

Ore Hill Partners has blocked investors from redeeming their investment in their flagship fund, Ore Hill International (Reuters). Of the approximately $3 billion in funds managed by Ore Hill Partners, only $1.2 billion is affected by this redemption block, whih was triggered due to "heavy redemptions for September".

According to the article, Ore Hill International had lost some 6.5% on the year as of July after returning single digits (~2%) in 2007, and double digits in 2006 and 2005.

Earlier in the year, Ore Hill joined up with Man Group:

Ore Hill made headlines in March by teaming up with the Man Group, which agreed to buy a 50 percent stake. At the same time, Ore Hill agreed to acquire a 50 percent stake in Pemba Credit Advisers, Man's European credit manager unit that has roughly $3.7 billion in assets.

The deal allowed Ore Hill founders Ben Nickoll and Fritz Wahl, who worked together at Morgan Stanley, to concentrate on the investments, while Man focused on selling the products.

Though the redemption block was an "automatic gate" spurred by apparent clumped calls for redemptions, this could be a sign of trouble ahead for the portfolio. Stay tuned, and if you have any additional details you could share on the status of Ore Hill Partners, generally, or Ore Hill International portfolio, specifically, please let us know!

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Important: This fund is on our list of hedge funds that are apparently ailing or which we think are worth watching for any other reason. Ailing funds haven't shut down, but they've suffered significant value declines and/or temporarily halted redemptions. Funds on watch may not even have unusual declines, but may be posted if it is felt there may be risk of developing a more serious condition eventually.