Guardian – One of the UK’s most high-profile hedge funds – which included steel tycoon Lakshmi Mittal among its investors – has been overcome by clients demanding their money back, three years after damaging losses forced it to halt withdrawals from its flagship offering.
RAB Capital said most clients in its embattled Special Situations fund – which is infamous for buying into Northern Rock before the lender’s collapse, and which fell by 70% in 2008 – will pull their cash out when a three-year lock-up ends in October.
