Sunday, 26 April 2015
Last updated 2 days ago
Nov 5 2010 | 12:03pm ET
While most hedge funds have been riding the equity-market rally this year to returns not seen since the financial crisis, that rally has cost one hedge fund firm its life.
Timescape Global Capital Management has liquidated its portfolio and will close its doors. The firm, founded four years ago by a pair of SAC Capital Advisors veterans, went short in September while the market went long. Timescape told investors that it liquidated what’s left of its portfolio last month, The New York Times reports.
“You may recall that we were up 6% going into September,” co-founders Peter Corey and Nadir Khan wrote. “But we put on a short position that cost us dearly in the face of an unprecedented September rally,” the markets’ best September since the Great Depression.
“The portfolio was liquidated during the first three days of October and we have been in cash ever since.”
Timescape, which was based in New York and Las Vegas, said it will return the money as quickly as possible to investors. The firm has just $50 million left, down from $298 million at its peak in mid-2008.
The firm has suffered ever since Khan moved to New York from Pakistan after investors demanded a presence in the city. But Timescape’s business model depended on training relatively inexpensive analysts based in Karachi, and without Khan’s presence in that city, the firm’s performance suffered, according to the Times.
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…