Tuesday, 26 May 2015
Last updated 6 min ago
Jun 9 2010 | 9:52am ET
It may be an indignity for the likes of Steven Cohen to have to hawk his hedge funds personally, but at least it’s not an indignity that the SAC Capital Advisors founder is suffering alone.
Citadel Investment Group’s Kenneth Griffin has also hit the road to drum up interest in two new hedge funds it has launched, one a global macro offering and the other a long/short global equities fund. But he faces a world wary of star hedge fund managers who took a beating in 2008, Crain’s Chicago Business reports.
Griffin and Cohen are not used to having to actively lure investors; prior to the financial crisis, things were the other way around, with investors clamoring to get into the (usually closed) funds. But Griffin’s flagships plunged 55% last year and remain below their high-watermarks, and Griffin himself has spent much of the last several years trying to build a full-service investment bank within Citadel.
Griffin may also be hampered by the fact that both the Kensington and Wellington funds imposed redemption restrictions in 2008. But the new funds have eschewed the multistrategy approach of the old funds, and will charge lower fees.
Citadel had hoped to raise more than $1 billion for the two single-strategy funds. As of the firm’s last regulatory filing, they had netted $164 million.
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…