Sunday, 26 April 2015
Last updated 1 day 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.
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…