Fortress Investment Group became the latest hedge fund Wednesday to tell investors it will temporarily suspend redemptions. In its case, Fortress did not say when they would be honored.
Fortress made the decision following requests for $3.51 billion in redemptions from its Drawbridge funds.
Yesterday afternoon, Fortresss stock fell 25.6% to $1.86, Reuters reported.
Fortresss decision was unveiled in a regulatory filing that said, This action will result in amounts requested for redemption with respect to the Nov. 30, 2008 and Dec. 31, 2008 redemption dates remaining part of the companys assets under management for so long as the suspension remains in effect.