Sunday, 21 December 2014
Last updated 13 hours ago
Jan 4 2010 | 12:26pm ET
A little-known New Jersey hedge fund is taking a victory lap in the pages of the New York Post.
Barnegat Fund Management, which is based in Hoboken despite being named for the Jersey shore town, returned 132% this year, pushing its assets up to $450 million. And that has founder Bob Treue in the mood to talk some trash.
“Hedge fund incentives are very messed up,” he told the tabloid, pointing to Barnegat’s lower-than-average 1% management fee and 15% performance fee. “We’re the second-largest investor in our fund. What we care about is our own investments in the fund.”
Treue credits the fixed-income arbitrage firm’s policy of keeping half its assets in cash for its strong performance. “Other guys were in similar trades but they didn’t have the backup and were levered more than we were,” he said.
That didn’t stop Barnegat from having an awful 2008, when the fund lost about twice as much as the average hedge fund, 37%. But after this year’s triple-digit return, all is likely forgiven, especially if Treue is right about 2010 being a good year for fixed-income arb.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.