Fund of hedge funds Cadogan Management decided it could no longer fight off investor redemptions and is closing and transfering its employees and operations to investment bank Cantor Fitzgerald.  Cadogan was spun off from Fortis Bank's asset management unit just 2 years ago. Over the past year, Cadogan Management has tried to retain its investors by promoting hedge fund investments, in the short run, more for risk mitigation than for upside capture.  However, too many clients perceived the funds with great uncertainty given current political and economic instability throughout the world. New York-based Cadogan's team and remaining products will now move to Cantor Fitzgerald, which Cadogan selected "after a series of very interesting and productive discussions with a variety of top-quality industry participants." Cadogan noted that Cantor, which has yet to fully break into the asset management business, appeared to have a desire to do so and their ability to acquire a top quality team was a good solution for them, Cadogan's professionals and potentially its clients as well."   [FINalternatives, 12/9/11]