Tuesday, 31 March 2015
Last updated 13 hours ago
Jun 17 2010 | 12:22pm ET
Stanley Ku, the former head of Fortress Investment Group’s Hong Kong office, is pulling the plug on his hedge fund after less than a year.
The Minerva Macro Fund has already returned most outside money to investors. It will return the rest as soon as possible, Bloomberg News reports.
Ku, who enjoyed a dozen consecutive years of positive performance managing US$750 million for Fortress’ flagship Drawbridge Global Macro Fund, could not continue his run at Minerva. The Hong Kong-based hedge fund had lost 6.6% through May.
Minerva debuted in August with the backing of Man Group hedge fund seeder RMF Global Emerging Managers. RMF invested US$50 million in the new fund, which focused on Asia.
At the time, Man’s Hans Hurschler said the firm was “enthusiastic about investing in their fund early in its development because Minerva invests in the kind of highly-liquid assets that are especially appealing to investors following last year’s problems with gating and side-pockets.”
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…