Saturday, 28 March 2015
Last updated 1 day 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…