Sunday, 29 March 2015
Last updated 1 day ago
Nov 2 2010 | 10:53am ET
Hedge fund manager-cum-hedge fund platform DragonBack Capital is well on its way to launching its new business as a service provider. The Hong Kong-based firm has been in talks with more than 30 managers and hopes to have as many as five on board within six to nine months.
DragonBack shuttered its two hedge funds in August and let go its investment team. The firm now aims to offer support services, including accounting, risk management and marketing, to both start-up hedge funds and existing firms aiming to increase or rebuild their asset base.
"The idea is that we make all the bad go away for hedge fund managers so they can just focus on their investment decisions," chief operating officer Philip Tye told Bloomberg News. To do that, DragonBack has retained 10 staffers, including its head of operations, controller, information technology chief and investment services representatives.
"Independent risk control is key to what investors want," Tye said.
In exchange, hedge funds joining the platform will pay as much as 50% of their management fees and 25% of their performance fees to DragonBack.
DragonBack pulled the plug on its own hedge funds this summer after being hit by a wave a redemptions. The firm, which once managed US$600 million, had just US$45 million by the end of April.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…