In a letter to investors reported by HedgeCo, CCM said around 20 per cent of existing withdrawal requests for the Cerberus Partners Fund will be met, after which clients may have to wait up to a year to retrieve their money.
The site added that the firm is prepared to wait 60 per cent of incentive fees for a year after losses are made up on cash still in the fund on December 31st.
HedgeCo added that around 80 other fund managers including Harbinger, Citadel and Blue Mountain have announced similar caps in an attempt to arrest the investor flight that has struck in the face of the weakening economy.
In other news, CCM has reassured investors that none of its funds are exposed to the Bernard Madoff scandal.
CCM is headquartered in New York, with satellite offices in locations including Chicago, Los Angeles, London, Frankfurt, Tokyo and Dubai.