Wednesday, 1 October 2014
Last updated 9 hours ago
Oct 6 2010 | 12:26pm ET
Polygon Investment Partners has accelerated its plans to finish the wind-up of its flagship hedge fund, promising to return the remaining $1.2 billion within six months.
The London-based hedge fund told investors on Monday that they would have their money back by March 31, Bloomberg News reports. The move is something of an about-face for the firm, which in May told investors in the Polygon Global Opportunities Master Fund they could redeem their remaining investments now, but only at a 25% discount. Clients who balked at that haircut were warned it would take until 2012 to liquidate the portfolio.
It also follows a petition from some investors—including UBS—filed in August seeking an independent liquidator for the fund. That petition has been dropped.
Polygon shuttered Global Opportunities two years ago, after it lost 48% in 2008.
Some half of the remaining assets are liquid. The rest are less liquid and will be auctioned off this year. Investors will also be given the option of holding on to the illiquid investments, rather than selling them at fire-sale prices, in a new fund managed by Polygon.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...