Wednesday, 20 August 2014
Last updated 9 hours ago
Aug 6 2010 | 3:05am ET
A rough end to 2008 meant a rough fiscal year 2009 for Algebris Investments. The London-based financials hedge fund, which suffered a 31.52% loss in 2008, saw its profits plummet in the fiscal year ended in September, according to regulatory filings.
Algebris earned just £13 million in those 12 months, down 87% from the £97 million in profit it took in the previous fiscal year. The 2008 losses meant the firm could not charge performance fees in the last fiscal year, and assets under management dropped from US$2.5 billion to US$1.5 billion, cutting into management fees. Revenue fell to £15.5 million, down from £98.47 million for the prior year.
“We are a global financials fund, and even though we were shorting a lot in 2008 we still ended up down more than 30%,” a spokesman for the hedge fund told Financial News.
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