From talking to friends who work for one of the largest publicly traded hedge fund companies in the world, it seems to me that this particular company but also others hf managers my friends know have liquidated a lot in the past weeks so that - as you point out gwr - there might (right now) be lots of free cash availabe which will need to be re-invested. also - my friends say that for this particular hf, redemptions have been much less than expected initially and that they also vary a lot from country to country. however, it also seems that at least the same amount of redemptions as in Q4 is again expected to be done in Q1.