Saturday, 25 April 2015
Last updated 1 day ago
Feb 18 2010 | 2:15am ET
Laxey Partners is the latest hedge fund to join the UCITS III bandwagon with a fund that will invest in investment trusts.
The London-based activist firm plans to launch a Dublin-domiciled absolute return fund that seeks to profit from discount volatility in investment trusts, the Financial Times reports. While the new vehicle will be a passive investor, it will often invest in the same trusts as other, activist Laxey funds, potential boosting the hedge fund’s strength in battles with management.
Laxey sees an opportunity in a sector where widespread activism before the economic crisis kept discounts to net asset value low.
“Hedge funds have more redemptions and deleveraging to go through so we think the extra-tight discount discipline that was producing will be absent for the foreseeable future,” Laxey co-founder Andrew Pegge told the FT.
The firm said the new fund would meet client demand for onshore hedge funds.
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…