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Hedge Funds Teeter On Weak B&C Market.
NEW YORK -- Bear Stearns here as of June 27 had reduced by half a $3.2 billion line of credit to one of its two subprime-related hedge funds, citing assets sales from the fund known as the High-Grade Structured Credit Fund.
But even as Bear Stearns reported improvement, another Florida company said it was halting redemptions from its hedge funds in the wake of market uncertainty.
In a statement, Bear said it was continuing efforts to de-leverage both the High-Grade Fund and a related hedge fund called the Enhanced Fund.
Bear's line of credit to the High-Grade Fund as of that date stood at $1.6 billion. Both funds, according to sources, had been hit with margin calls from lenders, including Merrill Lynch, Bank of America and Goldman Sachs.
In related news, Bear Stearns hired Jeffrey Lane as chairman and CEO of its asset management division. Richard Marin, the former chairman and CEO of Bear Stearns Asset Management, will remain with the firm as a ...
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Source: HighBeam Research, Hedge Funds Teeter On Weak B&C Market.