Monday, 20 October 2014
Last updated 7 hours ago
Nov 23 2010 | 2:11pm ET
Major changes are coming to Quadrangle Group, the private equity firm battered by its association with the pay-to-play scandal at New York State's public pension fund.
The New York-based firm is planning a top-to-bottom overhaul, including a new name, new leadership and a new investment focus, the New York Post reports. Quadrangle's rebirth could come within the next few weeks.
The firm has once again shelved plans—resurrected in April after Quadrangle agreed to pay $7 million to end an investigation into its role in the pay-to-play scandal—to raise its third p.e. fund. Its second fund's five-year investment period ends this year; Quadrangle is mulling whether to release investors from their commitments or use money for follow-up investments.
In addition, managing principal Andrew Frey will leave the firm by the end of the year, and Joshua Steiner, who co-founded the firm with Steven Rattner, will step back from day-to-day management. Principals Michael Huber and Peter Ezersky will oversee money management.
Quadangle is also still trying to sell itself, despite so far fruitless talks with potential buyers or investors including the Carlyle Group and Oaktree Capital Management. The firm, which manages $2.5 billion, is also considering selling a stake in itself.
The new Quadrangle is likely to be more focused on managing client assets in the near-term. The Post quoted a source familiar with the plan describing the change as one of "skill-set."
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 McKitish of Peddie School's 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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...