Cambridge Place Investment Management has become the latest hedge fund to limit investor withdrawals and cut fees after the $9bn London and Boston-based structured credit specialist saw returns crumble.

CPIM, co-founded by finance entrepreneur Martin Finegold, best known as the founder of UK subprime lender Kensington Group, persuaded investors in two of its funds to vote to block withdrawals until next summer to give it time to turn them round. Another of its five funds will hold a vote on blocking withdrawals later this month.