(Bloomberg) — Credit Suisse Group is temporarily barring clients from withdrawing all their cash from a fund that invests with Renaissance Technologies.

The bank has seen redemption requests prompted by the poor performance of the CS Renaissance Alternative Access Fund, according to people with knowledge of the matter. Assets under management slumped to about $250 million this month, from approximately $700 million at the start of 2020, the people said, asking not to be identified as the matter is private.

Redemption demands at the fund trigger a hold back clause, which means clients will receive 95% of their funds after two months, with the remaining 5% expected to be paid out in January, after the fund’s year-end audit, the people said. The hold back mechanism was put in place at the fund’s inception in 2016.

The fund lost about 32% last year, in line with the decline in the Renaissance Institutional Diversified Alpha Fund International fund that it invests into, the people said. Renaissance, regarded as one of the most successful quant investing firms in the world, was rocked by billion of dollars in redemptions earlier this year after unprecedented losses in 2020. Three of its funds open to external investors fell by double digits last year.

Credit Suisse and Renaissance declined to comment.

Credit Suisse is currently under broader scrutiny as new chairman Antonio Horta-Osorio reviews the risk and control functions after the implosion of the bank’s supply-chain finance funds linked to Greensill Capital and the collapse of family office Archegos Capital Management.

The Credit Suisse feeder fund was sold as an investment option for rich clients at the bank’s wealth arm.

The Renaissance fund, which allows investors to take out money every month, also has the ability to hold back but is not invoking the clause and hasn’t ever done so, according to a person with knowledge of the matter.

The fund was up 9.4% this year through May 21 after last year’s losses, the person said. Hold back clauses are a standard part of offer documents at some U.S. based hedge funds.

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(Updates with details on hold back clause in third paragraph)

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