Horizon halts redemptions from hedge fund as Greek exposure bites
LONDON, July 1 (Reuters) - Horizon Capital Management has suspended a hedge fund running almost a third of its capital in Greek assets because it cannot fully assess the value of holdings amid the country's deepening debt woes, a letter to investors obtained by Reuters showed.
The Horizon Growth Fund had 31 percent of its assets invested in Greece just before the country announced capital controls and a week-long closure of banks and the Athens Stock Exchange last week, according to the letter. The fund managed $159 million at the end of May.
"In order to protect the interests and ensure the equal treatment of our investors, the calculation of the NAV (net asset value) and the subscription and redemption process have been temporarily suspended," the letter sent on Tuesday by Virginia Martínez, the firm's investor relations officer, showed.
An email and call to Martínez remained unanswered. (Reporting by Nishant Kumar; editing by Sinead Cruise and Steve Slater)
© Thomson Reuters 2017 All rights reserved.