They sound like there is more redemption and more sell off
As noted in the ASX announcement of 8 April 2020, primarily due to the uncertainty created by the continuing COVID-19 crisis we expect to see increased redemptions in the short-term as clients reduce their hedge fund exposure in order to generate liquidity in their broader portfolios. Clients continue to assess their investment and liquidity needs and hence an accurate assessment of the level of future redemptions is still not possible. While we had future redemptions scheduled of approximately $600 million through the end of March, the vast majority of new redemptions received since then is from a large platform client cutting their hedge fund exposure by 25%. Although we anticipate further redemption activity, we are pleased to have been verbally mandated for several platform mandates. As previously noted, these types of mandates take time to originate and develop.
NGI Price at posting:
$1.29 Sentiment: None Disclosure: Not Held
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