Wednesday, 20 August 2014
Last updated 7 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.”
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note