Segantii Redemption Requests Hit $1 Billion Before Move to Shut

Segantii Capital Management Ltd.’s hedge fund faced nearly $1 billion of withdrawal requests before its decision to shut down, people familiar with the matter said, highlighting the impact on investor confidence from this month’s insider trading charge in Hong Kong.

While the fund’s rules allowed only monthly or quarterly redemptions before withdrawals were suspended Thursday, some of Segantii’s largest investors had already indicated plans to pull their money. Founder Simon Sadler and Chief Executive Officer Kurt Ersoy told staff on a call Thursday that the fund would close, one of the people said earlier.