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Ellington Funds Suspend Redemptions
by James Armstrong, Reporter October 8, 2007

Ellington Capital Management is suspending redemptions in two of its funds due to the lack of liquidity in mortgage-backed and asset-backed instruments.

The New York Post cited a letter to investors saying the debt markets have been so volatile lately it is impossible to assign a fair value to the funds’ portfolios. Ellington said the suspension was not a response to losses or investor withdrawals.

While some of Ellington’s other funds also have exposure to the subprime market, the firm says that exposure is not great enough to cause valuation troubles for the funds as a whole. The two effected funds have a total of about $1.9 billion between them.

Old Greenwich, Conn.-based Ellington has about $5 billion in assets under management. According to its last quarterly filing, the firm holds nearly $100 million in bonds from Ford Motor Co. in addition to its mortgage-backed debt.

  
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