Diamond Lake launch put on hold

May 22nd, 2008
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Diamond Lake, a new hedge fund set to be launched this year by Dow Kim a former executive at Merrill Lynch is to be put on hold. When the fund was announced it was reported to have close to $4 billion in assets. However, after the credit crunch large backers have pulled out of the deal. Credit Suisse pulled out of the deal, as did a Korean bank which promised $200 million to the start up hedge fund. The fund launch has been put on hold but all members of the team are working to raise capital and go ahead with the launch. It is estimated that they have $600 million in funds raised thus far.

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