Wednesday, 27 August 2014
Last updated 25 min ago
Feb 11 2011 | 8:15am ET
The impending closure of Shumway Capital has more than a few investors ticked off at founder Chris Shumway.
The firm's abrupt decision, announced last week, to return money to outside investors came after Shumway spent months trying to reassure investors that the firm's future was safe after he stepped down as its lead manager. Following Shumway's announcement in November that he would hand the reins of the $8 billion firm to his deputy, investors sought to redeem billions. But Shumway himself reached out to a number of major investors, including funds of funds, promising to delay the handoff and to reassure them about the future.
Those investors were then blindsided by last week's news, which has them looking "stupid, like they don't know what's going on," one pension consultant told Hedge Fund Alert.
"I fully understand this complication was brought on by the changes that I chose to make, and as such I feel responsible to correct this mismatch of investment style and investor needs," Shumway wrote. "The right decision for all of us is to return investor capital."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...