Medalist Fund Halts Redemptions With Margin Calls Looming
- Harvest structured credit hedge fund lost 50% in March alone
- Credit funds struggling as coronavirus has spooked markets
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Medalist Partners is blocking investors from taking cash out of its $700 million structured credit hedge fund, another sign of the market turmoil wrought by the coronavirus pandemic.
Clients in the firm’s Harvest fund, which plunged 50% in March, were told on Monday that they won’t be able to redeem for an undetermined amount of time, according to people familiar with the matter. Amid its losses, the fund is struggling to meet margin calls, one of the people said.