Tuesday, 21 October 2014
Last updated 23 min ago
Nov 24 2010 | 5:04am ET
To date, no one appears interested in buying troubled asset manager Gartmore Group. But one hedge fund manager was interested in buying a large stake in the London-based firm, albeit as secretly as possible.
The mystery buyer of a 4.91% stake in Gartmore is Swan Street Partners, a family office for the family of John Zwaanstra, the founder of hedge fund Penta Investment Advisers. Swan Street's United Industrial Services disclosed a 4% stake in Gartmore last week, but no information about the company was available.
The secrecy led Gartmore to demand UIS provide more information. Swan Street is controlled by John Zwaanstra's brother, Todd, who also worked at Penta.
The nearly 5% stake in Gartmore is enough to make Swan Street the fourth-largest shareholder of the firm.
Gartmore has been seeking a buyer for two weeks. The firm was rocked earlier this month when Roger Guy, its star hedge fund manager who ran some 17% of its total assets, announced his plans to retire next year.
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 ...