Saturday, 23 May 2015
Last updated 20 hours ago
Sep 24 2010 | 1:21pm ET
Having lost the bulk of its assets to redemptions, DragonBack Capital has liquidated its two hedge funds and rebuilt itself as a hedge fund platform.
The Hong Kong-based firm returned what was left in its Asia-Pacific Multistrategy and VolAsia funds last month, CEO Robert Lance said. DragonBack has also parted ways with its investment team, including co-founder and chief investment officer Matthew Barnett.
The restructuring of the firm comes after it lost more than 90% of its assets under management over the past two years. By the end of April, the firm was managing just US$45 million, down from its peak of US$600 million in October 2008. DragonBack did not impose any redemption restrictions.
“The AUM gods giveth and they taketh away,” Lance said in April. “You have to stay philosophical and practical about these things.”
Lance and fellow remaining co-founder Philip Tye, the firm’s chief operating officer, have gotten practical by remaking DragonBack into the DragonBack Management Platform. The firm is now on the lookout for managers to join the platform.
“Phil and I are incredibly proud of the world-class infrastructure and team we had put together to support the funds over the past four years, so on that basis we are now in the process of offering our full platform to new and existing managers,” Lance said. He called the early response to that offer “encouraging.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…