Another Hedge Fund Closes One Of Its Funds

Lately, it seems like everyday I am reporting on another hedge fund closing one or all its funds. Today, we are going to talk about Millennium Global Investments because it is in the process of liquidating its emerging-markets fund.

Millennium Global Investments, manages $15 billion, is a London-based money manager founded by former Goldman Sachs Group executive Michael Huttman.

Millennium is liquidating a fund that buys emerging-market debt after lenders withdrew credit, according to people familiar with the matter.

Bloomberg LP reported that Millennium began selling assets of Millennium Global Emerging Credit Fund Ltd. last week.

Hedge Fund Research said funds targeting emerging markets have lost 22% on average this year.

The Millennium emerging-markets credit fund had $818 million in assets as of August, 29th. The fund gained 13% for the year and 25% annually since it was started in November 2006.

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