A $110 million hedge fund portfolio part-advised by BNP Paribas subsidiary, Fauchier Partners, is toughening rules on cash withdrawals by investors, Reuters reports. The Fidam fund, whose main investment advisor is Cayman Islands-based Fides, will need three months notice for redemptions instead of one from April 30.
The Fidam fund has extended the redemption notice period to three months plus six calendar days prior to the relevant valuation day. The notice period may be ignored at the discretion of the board of directors if the relevant sub-fund has sufficient liquid assets to accommodate the redemptions.
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