Sunday, 28 December 2014
Last updated 3 days 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.