Hedge funds that took Abramovich’s cash in a fix

Big bucks: In this file photo, an Aeroflot aircraft is seen at Moscow’s Sheremetyevo international airport. Abramovich, with a net worth of US$13.7bil, amassed his fortune from the sale of privatised assets acquired from the former Soviet Union, including Aeroflot. — AFP

NEW YORK: When Concord Management came calling with the promise of checks for as much as US$100mil (RM422mil), more than 100 hedge funds and private equity firms jumped at the offer.

Most of the US$6bil (RM25.3bil) behind Concord belongs to Roman Abramovich, who earlier this month was sanctioned by the European Union and the United Kingdom as part of sweeping penalties against billionaires believed to be close to Russian president Vladimir Putin.