Tiger Global's 52% losses this year prompt fee cut, redemption plan

Losses at Tiger Global Management reached 52% this year, prompting the firm to cut management fees and create separate accounts for the illiquid wagers of customers who want to redeem. 

The firm’s hedge fund sank 14.2% last month, buffeted by losses in several stocks and substantial markdowns in its private assets, according to an investor letter seen by Bloomberg and a person with knowledge of the matter. 

As the value of its public holdings plummeted, Tiger’s exposure to illiquid venture capital bets comprised too much of its portfolio -- leading the firm to tell investors in its hedge and long-only funds that,