Goldman Sachs JBWere's Multi-Strategy Fund was closed on February 2, after freezing applications and redemptions in late November. The Fund is a fund of hedge funds, which offers Australian and New Zealand investors exposure to a variety of underlying managers and strategies.
Liquidity has proven to be a problem for fund of hedge funds in recent times, particularly due to the slide in the Australian dollar and in cases where the fund offers monthly liquidity however the underlying funds only allow quarterly or longer redemptions. Several other fund of hedge funds, including the BT Global Return Fund, Select Gottex Market Neutral Fund, HFA's Diversified and Octane Funds, DWS Strategic Value Fund and the Credit Suisse/Tremont Index Strategies Fund were also forced to freeze redemptions in late 2008.
