Friday, 19 September 2014
Last updated 4 min 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 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.