Wednesday, 30 July 2014
Last updated 11 hours ago
Mar 10 2010 | 1:26pm ET
In December, Horseman Capital lost its most high-profile fund manager, founder John Horseman. In January, it lost most of its assets.
Investors pulled $2.5 billion from the London-based firm following Horseman’s announcement that he would step down from day-to-day management of two of the firm’s funds. Combined with investment losses—Horseman’s flagship Global Fund lost 24.7% last year—the firm’s assets fell to US$1.3 billion at the of last month from US$4.6 billion at the end of October.
Most of the redemptions came from the Global fund, which saw its assets drop by more than 80% to $535 million.
“We had redemptions on the back of the announcement made last year,” a spokesman for the firm told Reuters. “Investors were allowed to redeem on Jan. 4, and that’s when the bulk of the redemptions took place.”
But withdrawals have since slowed “massively,” the spokesman said, and redemptions will probably be “quite small” next month. The fund’s new manager, Russell Clark, is off to a good start to the year, with a 0.55% return in the year’s first two months.
Horseman remains the firm’s CEO and its largest equity holder.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…