Investing
Tiger Global’s 52% Plunge Prompts Fee Cut, Redemption Plan
- Its hedge fund dropped 14.2% last month amid market turbulence
- Redeeming clients to have private bets put in separate account
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Losses at Tiger Global Management reached 52% this year, prompting the firm to cut management fees and create separate accounts for the illiquid wagers of customers who want to redeem.
The firm’s hedge fund sank 14.2% last month, buffeted by losses in several stocks and substantial markdowns in its private assets, according to an investor letter seen by Bloomberg and a person with knowledge of the matter.