Tuesday, 23 September 2014
Last updated 5 hours ago
Jul 26 2010 | 1:41pm ET
Times are tough for funds of hedge funds, but a couple of industry veterans are launching a new one, anyway.
Derek Stewart and Scott MacDonald have founded Carduus Capital. The new firm will begin fundraising for its maiden fund of funds later this year, Financial News reports.
Stewart and MacDonald formerly led Bank of New York Mellon’s Mellon Global Alternative Investments, one of the three funds of funds owned by that firm. Both left BNY Mellon in May, four months after the firm announced it would consolidate its three fund of funds businesses under its EACM Advisors. The two had joined BNY Mellon in 2001, and before that had founded Liberty Ermitage’s hedge fund business.
London-based Carduus will focus on event-driven and relative value funds. It will also offer manager selection and strategy selection services to investors considering advisory mandates, according to FN.
The new firm is currently awaiting approval from the U.K. Financial Services Authority.
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.