Sunday, 26 April 2015
Last updated 1 day ago
Jan 18 2007 | 10:15am ET
U.K.-based RAB Capital Group nearly doubled up on its profits and assets under management last year, according to its unaudited estimates.
RAB’s 2006 pre-tax profits are expected to exceed £50 million (US$98.2 million), up 95% from £25.6 million for 2005. “After an excellent opening four months, trading in 2006 became more challenging during the summer period, but conditions improved significantly in the fourth quarter,” according to the firm.
“Overall performance for the year was generally strong among RAB’s leading investment strategies. RAB now has a diverse range of absolute return strategies, including two multi-strategy, and 10 single-strategy vehicles with assets of over $100 million.”
The firm’s assets under management at the end of December were US$5.18 billion, an increase of 98% compared to the $2.62 billion reported for Dec. 31, 2005. “Net asset inflows, strong in the first half, were somewhat slower thereafter but revived in the final quarter and included a long term allocation of US$200 million by Mittal family trusts to RAB Special Situations,” the firm stated. “Northwest Investment Management, acquired in September, made a small positive contribution to group earnings.”
RAB Capital was founded in 1999, and floated on London’s Alternative Investment Market in March 2004. The firm has 12 absolute return strategies with assets in excess of $100 million and also manages the AIM-listed RAB Special Situations Company.
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…