![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
mkay422http://www.hedgefund.net/publicnews/default.aspx?story=9446
Myron Scholes, the Nobel-prize winner and cofounder of ill-fated Long Term Capital Management, has halted redemptions in his latest hedge fund firm.
Redemptions in Platinum Grove Asset Management’s flagship fund were temporarily halted effective Oct. 31 because of current market conditions, the firm said in a statement.
Although a spokesman for Platinum Grove said the firm does not comment on performance figures, Bloomberg said the fund was down 29% through Oct. 15.
Scholes was best known for founding LTCM with his co-Nobel Prize winner Robert Merton. LTCM needed a Wall Street bailout of $3.5 billion when it blew up in 1998.
Myron Scholes, the Nobel-prize winner and cofounder of ill-fated Long Term Capital Management, has halted redemptions in his latest hedge fund firm.
Redemptions in Platinum Grove Asset Management’s flagship fund were temporarily halted effective Oct. 31 because of current market conditions, the firm said in a statement.
Although a spokesman for Platinum Grove said the firm does not comment on performance figures, Bloomberg said the fund was down 29% through Oct. 15.
Scholes was best known for founding LTCM with his co-Nobel Prize winner Robert Merton. LTCM needed a Wall Street bailout of $3.5 billion when it blew up in 1998.
