Tuesday, 21 October 2014
Last updated 11 hours ago
Sep 3 2010 | 12:54pm ET
In 2008, Stephen Couttie was brought in to turn around the fortunes of troubled hedge fund RAB Capital. Almost exactly two years later, he has abruptly resigned, raising further questions about the future of the firm, which has not seen the hoped-for turnaround.
RAB said that Charles Kirwan-Taylor, its chief investment officer, would succeed Couttie as CEO.
Couttie had been finance director at the firm, which once managed US$7 billion but now runs just US$1.2 billion, when he was tapped to replace founder Philip Richards as CEO. Richards had stepped down from the top post to focus on fixing its flagship Special Situations Fund. But, like the rest of the firm, Special Situations has yet to turn the corner.
At the end of July, RAB said that its pre-tax loss grew by 22% for the first half amidst continuing redemptions.
RAB said that Couttie left to pursue “interests outside the group” and called Kirwan-Taylor “ideally placed” to take over the firm.
London-based RAB has yet to announce a successor to Kirwan-Taylor as CIO.
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 McKitish of Peddie School's 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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...