Fund to repay investors in securities not cash

GoldenTree Asset Management, a credit hedge fund, is offering in­vestors who want to withdraw money securities instead of cash, triggering protests from those who in many cases lack means to dispose of such instruments, the FT reported. The fund, which specialises in investing in complex debt ins­truments, had about $10bn under management last year. But losses and redemptions could leave it with half as much if investors made good on withdrawal requests, a person with direct knowledge of the matter told the FT. GoldenTree was down more than 30 per cent in 2008 and is facing demands from investors for about 25 per cent to 30 per cent of their money, the person said.