Tuesday, 23 September 2014
Last updated 5 hours ago
Feb 28 2007 | 11:07am ET
London hedge fund Carrousel Capital went on the defensive yesterday regarding its intentions toward the £398 million Gartmore European Investment Trust, a closed-end fund. In a letter to shareholders urging support for his three nominees to the trust’s board, Carrousel founder and CEO Bruno Sanglé-Ferrière said his fund, which owns nearly 30% of the trust’s shares, did not want control of the trust and would not seek to liquidate the fund.
“The Board has stated: What does Carrousel want with the Company? What do Carrousel’s nominees intend to do?” Sanglé-Ferrière wrote. “The answers are quite clear: Carrousel wants the fund to deliver real shareholder value.”
The hedge fund manager also took the board to task for refusing to release the results of a recent corporate review. “What have the Board got to hide?” he asked.
Sanglé-Ferrière warned that, while he agrees in principal with the trust’s share buyback program, he threatened to vote against the proposed reauthorization to keep that authority aware from current management, led by manager Roger Guy.
Win or lose, Sanglé-Ferrière said his days as the trust’s largest shareholder are numbered. He told Reuters that he’ll stay in for a whole “to show my support,” but that he expects to unwind his investment “by the end of the year, maybe shorter, maybe longer.”
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 McKitich, CIO of Petty 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…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.