Saturday, 25 April 2015
Last updated 12 hours ago
Mar 16 2011 | 1:09pm ET
If RAB Capital has indeed turned the corner, you'd certainly have no idea from its 2010 results.
The troubled London-based hedge fund, which has suffered billions in outflows over the past two years after its flagship fund lost 70% during the financial crisis, said its annual loss tripled to £20.2 million last year. The firm had lost £6.9 million in 2009.
The ocean of red ink can be attributed to RAB's continued struggle to hold on to investors. The firm's assets, which had seen an uptick at the beginning of last year, fell from US$1.35 billion to US$1.06 billion over the course of the year. Just three years ago, the firm managed as much as US$7 billion.
And the firm is in danger of losing even more assets as its flagship Special Situations fund, which lost another 7.6% last year, will see its lock-up end later this year.
"Our results for the year are not satisfactory," CEO Charles Kirwan-Taylor said in summary.
Kirwan-Taylor was able to point to "modest" inflows into some funds. Indeed, several RAB funds enjoyed banner years in 2010, with its Energy fund named one of the top-performing hedge funds of the year by HSBC with a 46.6% return.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…