(This story made the front page of Les Echos' companies section.)
By Lionel Laurent
PARIS, Jan 3 (Reuters) - Two underperforming investment funds recently frozen by French bank BNP Paribas are being restructured in the face of a "significant" number of redemption requests, documents sent by the bank's fund arm to investors reveal.
The "Opportunity" and "Serenity" funds, which are invested in a range of hedge funds and represent $376 million in assets, have been entrusted to a new manager and aim to reopen sometime around March, according to the documents seen by Reuters.
The planned overhaul of the portfolios comes at a tough time for parts of the hedge fund industry as lower-tier funds-of-hedge-funds are squeezed by difficult financial markets and fragile institutional investor sentiment.
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