Citadel Said to Ease Withdrawal Rules for Hedge-Fund Clients
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Ken Griffin’s Citadel LLC will allow clients to withdraw their money more quickly from its two biggest hedge funds as the firm attempts to attract new investors, according to a letter.
Starting in July, clients in the Chicago-based firm’s Kensington and Wellington funds will be able to take out 10 percent of assets every quarter, meaning they can exit the funds entirely over two and a half years, Griffin said in a May 16 letter, a copy of which was obtained by Bloomberg News. Currently, withdrawals are limited to one-sixteenth every quarter, requiring four years for investors to get out.