One Good Freeze Deserves Another?

Call it a case of global cooling: A temporary freeze on asset withdrawals in Illinois reportedly is having an effect in Switzerland.Ritchie Capital, according toDow Jones Newswires, put withdrawals on ice late last year because of some valuation problems, though it denies it's to blame.Dow Jonesreports that the Geneva, lll.-based Ritchie intends to thaw the fund, maybe this quarter, once it settles the valuation issues. Still, the move sent ripples across the ocean.Bank Leu,Credit Suisse Groupunit based in Zurich was said to have likewise halted redemptions at itsPrima Relative Value Fund, which invests in one of Ritchie's multi-strategy hedge funds. The Swiss freeze, notesDow Jones, is being viewed as "highly unusual," according to one market player. But Ritchie thinks that's rich. According toInfovest 21 News, Ritchie says it informed all its investors in itsRitchie Capital Multi-Strategy Hedge Fundthat it was going to start investing in private equity and laid out all investor options in offering documents. Ritchie also says it has refunded most of Bank Leu's money, with only a small portion still in the fund.