Investors in Tisbury Capital are trying to withdraw $1.4bn of the London hedge fund’s $2bn of assets under management after the fund abandoned an ill-fated US venture. The scale of the withdrawals will end Tisbury’s reputation as one of London’s bigger merger arbitrageurs. Tisbury, run by former Citadel trader Gerard Griffin, has broken with hedge fund convention by dropping a 10% cap on withdrawals to allow investors to get their money back quickly, as long as they agree to retain their share of $300m of hard-to-sell assets.
