Thursday, 26 November 2015
Last updated 15 hours ago
Sep 23 2010 | 11:18am ET
The month of the comeback continues: Hedge fund Basswood Partners is emerging from its four-year slumber, hiring a marketer to begin raising money once again.
The New York-based firm returned the bulk of its client assets in June 2006 following a disagreement with clients about the fund’s performance expectations, Bloomberg News reports. It also stopped accepting new money at the time.
But the firm, which is headed by twin brothers Bennett and Matthew Lindenbaum, still manages some $400 million, has reopened to investors. And after considering hiring a third-party marketer to find new clients, Basswood instead hired Ivy Investment Management and Brencourt Advisors veteran Jim Sheehan to do its fundraising.
In addition to taking part in September’s “comeback” theme, Basswood is also joining the hordes of hedge funds cutting fees. The firm will charge 1.5% for management and offer clients who agree to lockup their capital lower performance fees. Those who agree to part with their money for three years will pay only 10% and a two-year lockup earns a client a 15% fee, while those who want quarterly liquidity will pay the full 20%. Basswood has a $2 million minimum investment requirement.
The firm is up about 1% this year after returning 12.5% last year.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…