ZURICH, June 2 (Reuters) – Swiss private bank Lombard Odier Darier Hentsch & Cie confirmed it would liquidate its Delta Global and Alternative Strategies funds of hedge funds, but said on Tuesday it would launch two new funds.
ZURICH, June 2 (Reuters) – Swiss private bank Lombard Odier Darier Hentsch & Cie confirmed it would liquidate its Delta Global and Alternative Strategies funds of hedge funds, but said on Tuesday it would launch two new funds.
The bank has, like most peers, seen redemptions and asset value reductions during the financial crisis, but it said in response to a SonntagsZeitung report at the weekend it had enough liquidity to meet current redemption requests.
Lombard Odier co-head of hedge funds Cedric Kohler said liquidation would enable the bank “to create the economic equivalent of side pockets and to restructure our product range by launching new products at the end of June”.
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A side pocket is used by hedge funds to hold illiquid assets and keep them separate from liquid ones. This can help funds avoid having to sell illiquid assets at inopportune times.
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