Sentinel told clients that it's halting redemptions to avoid having to sell securities at deep discounts. The decision sparked concerns in broader markets, helping to push the Dow Jones Industrial Average down more than 1% on Tuesday.
See full story on Sentinel.Sentinel has two main pools of money that it oversees for clients such as commodity and currency traders, hedge funds and wealthy individuals.
The Prime Portfolio had a weighted average maturity of 396 months, or more than 30 years, at the end of June, according to Sentinel's Web site. The weighted average duration of that portfolio stood at 20 months.
