Monday, 4 May 2015
Last updated 8 hours 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.
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…