Sunday, 25 September 2016
Last updated 1 day 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.