News

It’s hedge fund vs. hedge fund in the latest court battle for troubled Ritchie Capital Management.

Drake Management is sharply restricting redemptions from its flagship hedge fund after a disastrous autumn threatened the fund’s very existence.

Troubled hedge fund group Absolute Capital Management Holdings is making it a clean sweep at the top in 2007 with finance director Darren Sisk’s resignation last week.

The subprime debacle was good to the Blackstone Group in 2007, as the private equity giant was called in to advise some of the biggest casualties of the collapse.

William Clark, director of the New Jersey State Investment Council, last month recommended the council make commitments to a pair of hedge funds and private equity funds.

According to an internal memo, Clark proposed a $75 million commitment to Level Global, to be managed by New York-based Level Global Investors and a $75 million commitment to Pendragon (Lancelot II) Fund, to be managed by Pendragon Capital in London.

The California State Teachers’ Retirement System yesterday launched a search for independent fiduciaries to screen partnerships, make recommendations and help investment staff manage the CalSTRS private equity portfolio.

Christmas came a few days early for Cerberus Capital Management—but it left several other hedge funds out in the cold.

Activist investor Nelson Peltz has received the backing over several other large shareholders in his battle with candy giant Cadbury-Schweppes.

Citadel Investment Group is backing a new all-electronic futures exchange that may compete with hedge fund giant’s hometown Chicago Mercantile Exchange, the world’s largest futures exchange.

Alternative investment firm Last Atlantis Capital Management has launched a 130/30 strategy that aims to yield consistent, low volatility returns over various market conditions.