Tuesday, 30 September 2014
Last updated 5 min ago
Dec 17 2009 | 9:08am ET
The first art hedge fund has become the latest hedge fund to close its doors.
Artistic Investment Advisers plans to liquidate the £10.2 million Art Trading Fund this month, the Financial Times reports. The two-and-a-half-year-old fund launched to great fanfare in the summer of 2007, boasting advertising kingpin and contemporary art collector Charles Saatchi as an adviser and targeting 30% annual returns. It is unclear whether its strategy of buying middle-market artworks while shorting securities that its managers believed had close correlation with the art market actually produced anything like those returns.
It’s certainly not alone among art hedge funds closing their doors. Fine Art Wealth Management said the number of art hedge funds has dropped by about 60%, from more than 50 to about 20.
A meeting of AIA’s creditors is scheduled for next month.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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