Friday, 27 November 2015
Last updated 1 day 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.
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…