Large hedge funds once thought infallible are struggling to navigate through volatile markets and a liquidity squeeze. Millennium Global Investments, the $15 billion UK hedge fund, began liquidating one of its funds, an emerging markets credit fund, in October, as lending dried up. Even Citadel’s Ken Griffin admits to having lost more in September in one of his funds than ever before, explaining in an investor letter: “Regretfully, I did not foresee the financial disaster that was to unfold in September.
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