Wednesday, 24 September 2014
Last updated 13 hours ago
Oct 20 2010 | 2:40am ET
The founders of BlueBay Asset Management are poised to enjoy their second eight-figure payday of the year following the sale of their firm to the Royal Bank of Canada.
Hugh Willis and Mark Poole, who own a combined 17.3% stake in the London-based hedge fund, will get US$65 million apiece as part of the RBC deal, the London Evening Standard reports. BlueBay, which manages US$40 billion, agreed to be acquired by RBC this week for more than US$1.5 billion.
In February, Willis and Poole netted £21 million each selling a combined 13 million shares.
RBC’s agreement calls for the bank to pay £4.85 per share for BlueBay, a 30% premium to the firm’s closing share price on Friday.
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 McKitich, CIO of Petty 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…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.