Friday, 26 December 2014
Last updated 1 day 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.”
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.