Friday, 24 October 2014
Last updated 10 hours ago
Dec 13 2010 | 12:47pm ET
BlueCrest Capital Management's specialist credit fund of hedge funds has been all but wiped out in the two years since the firm suspended redemptions.
The Special Asset Finance fund had just US$6 million in assets at the end of September, Reuters reports. But the fund's now almost entirely illiquid portfolio could still face further write-downs, and the fund still owes a lender $197 million.
SAF managed US$210 million when it suspended remptions in August 2008.
BlueCrest on Thursday told investors that Shezad Syed, who has managed the fund since its inception three-and-a-half years ago, has been replaced by Robert Heaselgrave.
"They said they needed different skills to maximize value, but it's a bit late now; there's no value left," one investor told Reuters.
"He gave us little hope of getting anything back," another investor said.
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…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.