Wednesday, 1 October 2014
Last updated 6 hours ago
Dec 30 2009 | 12:33pm ET
Lehman Brothers prime brokerage clients have approved a plan that will release some US$11 billion in assets frozen as part of the investment bank’s bankruptcy proceedings in London.
Administrator PricewaterhouseCoopers said its claim resolution agreement was approved by more than 90% of the affected clients of Lehman Brothers International Europe, including some of the largest and most prominent hedge funds in the world. The firm plans to begin returning those assets next year.
“The claim resolution agreement now provides an agreed basis on which to systematically settle clients’ claims and reunite them with their assets,” administrator Steven Pearson said.
That will be quite a relief to clients—among them Ramius Capital and GLG Partners—who haven’t had access to their money since Sept. 15, when LBIE went into administration. PwC has successfully returned some US$13.3 billion to clients since then, but hit a snag when British courts repeatedly rejected its earlier settlement plans for the US$11 billion in prime brokerage assets.
The 1,000 clients covered by the agreement, primarily hedge funds, have until March 19 to file their claims.
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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