GLG Partners is to ballot investors on closing down its credit hedge fund, marking the fourth blow to the hedge fund manager this week after it froze withdrawals on two portfolios, bid farewell to prominent manager Greg Coffey, and received an allocation from an Italian bank smaller than originally planned.

The New York-listed hedge fund manager, which reports its third quarter results next week, froze withdrawals on its market-neutral hedge and credit hedge funds on Monday. The $23bn (€17.7bn) manager said in a statement yesterday afternoon it would also convene a shareholder meeting for its credit fund for investors to discuss a voluntary winding up of the long/short portfolio.