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NEW YORK (Reuters) — Citigroup (C) has suspended investor withdrawals from a $500 million credit hedge fund to give it a chance to "stabilize," a bank spokesman said Friday. The London-based fund, called CSO Partners, was facing investor redemptions after a 10% loss in November, prompting its manager John Pickett to resign, according to Citigroup spokesman Jon Diat.

"We have temporarily suspended redemptions of all shares of CSO to stabilize the fund and allow time to address its funding needs to meet anticipated obligations," said Diat in a statement.

It is not unusual for hedge fund managers to suspend redemptions on funds in distress. Investment documents typically give the manager the right to put up temporary "gates" barring investor exits so managers don't have to undertake a fire sale of assets to pay exiting investors.