Sunday, 21 September 2014
Last updated 1 day ago
Nov 15 2010 | 10:51am ET
A British pension fund has given embattled fund of hedge funds Pacific Alternative Asset Management Co. a much-needed vote of confidence.
The Merseyside Pension Fund has finalized its hire of PAAMCo, handing it the £25 million it awarded the firm four months ago, Pensions & Investments reports. But the hire was postponed as the Liverpool pension undertook further due diligence to look into PAAMCo’s ownership situation, which was complicated by an August ruling awarding Paloma Partners’ S. Donald Sussman a 40% stake in the fund of funds’ parent company.
The judge in that case, U.S. District Judge Richard Sullivan, wrote in his ruling that PAAMCo’s structuring of Sussman’s investment in the firm “may have been designed to mislead” about its women-owned status. PAAMCo denies that allegation but has chosen not to appeal Sullivan’s decision.
The Securities and Exchange Commission has also launched an investigation into PAAMCo’s ownership structure, and the hullaballoo has already scared off at least one investor. But following its own investigation, the Merseyside Pension was anything but scared off: It plans to triple PAAMCo’s mandate to £75 million.
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.