Tuesday, 21 October 2014
Last updated 9 hours ago
Sep 24 2010 | 11:49am ET
Activist hedge fund Breeden Capital Management has been fired by a New York City pension fund.
The $36 billion Employees' Retirement System voted to redeem its investment from the Greenwich, Conn.-based firm in May, Bloomberg News reports. Breeden, founded by former Securities and Exchange Commission Chairman Richard Breeden, is at least the sixth money manager canned by the Big Apple system this year, after newly-elected Comptroller John Liu launched a review of the city’s five public pension funds.
Breeden has managed money for the ERS for about two years, losing about $3.2 million of the $136.5 million invested with it. The pension has paid Breeden $6.2 million in fees for the privilege.
It will take as long as two years to redeem the Breeden investment, during which time Breeden will remain one of the pension fund’s managers.
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 ...