Sunday, 3 May 2015
Last updated 2 days ago
Mar 29 2010 | 11:31am ET
Moving to reassure investors, New York-based hedge fund Moab Partners is foreswearing redemption gates and side-pockets, even though the firm has never imposed them.
The event-driven fund, headed by a pair of former Perry Capital managers, previously included a provision that allowed both gating and moving illiquid assets into side-pockets to avoid forced selling of distressed assets. Andrew Stotland, director of business development at Moab, told HFMWeek that both “were originally introduced to protect the limited partners.”
“Unfortunately, in 2008, many of our peers abused these investor protections,” he explained. “The investor community fought back and rightly so. We never adopted any of these practices, but we wanted to go one step further.”
Removing the gate and side-pocket provisions—in line with broader industry moves towards greater liquidity and transparency—is designed to “remove any doubt from investors’ minds and show them that our interests as general partners are truly aligned with theirs as limited partners,” Stotland said.
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…