Sunday, 26 October 2014
Last updated 1 day ago
Apr 18 2007 | 12:21pm ET
Knight Capital Management paid dearly to keep Deephaven Capital Management and its leadership in the fold in December, and were rewarded when the hedge fund’s 2006 profit rose fourfold from 2005. But Deephaven couldn’t keep up the momentum in the first quarter.
Deephaven’s pre-tax profit for the first three months of 2007 was $18.9 million, a steep 29% decline from the same period a year earlier, when it earned $26.8 million, according to Knight Capital. Assets under management also fell, from $4.2 billion at the end of December to $3.9 billion. The one bright note was the performance of Deephaven’s funds: They averaged a 4.9% return for the quarter, well ahead of most hedge fund indices.
Jersey City, N.J.-based Knight’s main business, trading, didn’t help, either: Its profit fell by more than a third. All told, Knight’s net income for the first quarter was $31.8 million, 35% lower than a year earlier.
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.