Sentinel Management Group Requests Redemption Halt
Sentinel Management Group is seeking permission from the CFTC to halt investor redemptions. The reasons for the request is up for speculation at this time.
We have never experienced a situation quite like this one," Sentinel Management said. "Liquidity has dried up all over the Street.
Sentinel is reported to manage about $1.6 billion in assets and specializes in money market mutual funds cash management. Sentinel endeavors to generate gains by betting on over-night interest rates. The fund mainly holds short-term debt and high quality bonds. Sentinel caters to corporations, institutional investors, and accredited investors (the very wealthy). The fear here is the current credit issues in the mortgage industry currently undermining investor sentiment are beginning to spill into other markets. In other words – contagion. Ironically, Sentinel is located in Hedge Fund Crash’s backyard in Northbrook, Illinois.
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