Thursday, 2 October 2014
Last updated 37 min ago
Apr 26 2010 | 12:07pm ET
In the first quarter of last year, Knight Capital Group got rid of its troublesome hedge fund unit, Deephaven Capital Management. In the first quarter of this year, that move paid off in a big way.
The Jersey City, N.J.-based brokerage said its profits for the first three months of the year tripled from the same period last year, despite lower trading volume. Knight earned $27.8 million in the first quarter as revenue jumped 16% to $284.2 million.
The firm would have earned even more last year had it not been for Deephaven. Knight’s profits for last quarter came out to 30 cents per share. In the previous first quarter, it had been 10 cents a share—after a 23-cent-per-share loss attributable to the sale and closure of Deephaven.
Last January, Deephaven agreed to sell the assets of its flagship hedge fund to Stark Investments. The firm then closed its doors.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...