Genesis Global Capital Is Temporarily Suspending Redemptions and New Loan Originations

Genesis Global Capital, the lending arm of Genesis, is suspending redemptions and new loan originations. Interim CEO Derar Islim told the participants on the call that Genesis is exploring solutions for the lending unit, including finding a source of fresh liquidity. He said Genesis intends to detail its plan to clients next week.

He said Genesis Trading, which acts as Genesis Global Capital’s broker/dealer, is independently capitalized and operated separately from that lending unit. He added that Genesis’ trading and custody services remain fully operational.