Saturday, 18 April 2015
Last updated 18 hours ago
Nov 10 2010 | 12:40pm ET
RAB Capital has pulled the plug on its last Asia-focused hedge fund.
The troubled London-based hedge fund has parted ways with its Pi investment team. The Hong Kong-based group's revenues exceeded its costs to RAB after assets in the RAB-Pi Asia Fund fell to less than US$35 million.
RAB acquired the then-independent Pi Investment Management in 2007. The firm, founded by Alain Barbezat, Caesar Luk and Nissim Tse, managed US$209 million at the time, when RAB hoped to boost its Asia-focused assets to US$2 billion.
RAB, which once managed more than US$7 billion, now manages little over US$1 billion across all of its funds.
Barbezat, Luk and Tse, along with two other members of the Pi team, left RAB two weeks ago, Bloomberg News reports. Their exit comes just after the expiration of a three-year employment agreement they signed when RAB bought Pi.
While the firm has no Asia funds at the moment, RAB is preparing to re-enter Asia with a special situations fund. A five-member team of D.B. Zwirn & Co. veterans is already advising clients as it readies the fund for launch.
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…