Tuesday, 30 September 2014
Last updated 1 hour ago
Dec 15 2010 | 1:44am ET
Geneva-based funds of hedge funds were especially hard-hit by the Bernard Madoff Ponzi scheme. And two years after its collapse, they're still struggling to pick up the pieces.
Funds based in the Swiss city have seen their assets under management drop by 60% since the week before Madoff's arrest in 2008. The more than 180 funds of funds managed US$14.8 billion at the end of October.
The same funds once managed as much as US$40 billion. A big chunk of the losses—some US$7 billion—were suffered in the Madoff fraud. Much of the rest is a result of investors fleeing the scandal-tarred firms, and funds of funds generally.
Union Bancaire Privée, the private bank that settled the Madoff receiver's lawsuit against it earlier this month for US$500 million, suffered particularly large losses. The fund lost about US$700 million in the Madoff scam and has seen its assets plummet more than 70% through June to about US$17 billion.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...