Absolute Capital Management's chairman today said investors could withdraw up to €500m ($796.8m) from the hedge fund manager's portfolios in November, when lock-ups are removed from several of its vehicles which were frozen after it was discovered they were invested in illiquid assets.

The Switzerland-based company has been restructuring its business since last year, when it discovered up to $550m (€346.3m) in five of its long/short equities funds - on average 26% of the funds' assets - had been invested in assets which could not be sold quickly.