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Hedge fund managers have been facing a wave of redemptions over the past quarter, in the midst of the latest phase of the global financial crisis that gathered pace with the September 15 bankruptcy of Lehman Brothers.

To avoid having to dump their more illiquid assets at firesale prices, hedge funds have been placing restrictions on redemptions. This typically means extending the period of notice (perhaps from one to three months), putting 'gates' in place to restrict the proportion of funds tha

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