Friday, 27 March 2015
Last updated 2 hours ago
Mar 16 2011 | 1:45pm ET
Hedge fund Quantitative Research & Trading has closed its doors after investors headed for them.
The New York-based firm, founded four years ago by Millennium Partners veteran Michael Aksman, was hit by a series of investor redemptions, HFMWeek reports. The firm, whose two hedge funds once managed as much as $130 million, could not survive the outflows, despite having joined the AlphaMetrix managed account platform in 2009.
Part of the problem, no doubt, was performance: QRT lost 8% last year, while the average hedge fund earned closer to 10%. The fund also underperformed in 2009, returning just 6.6% when the average hedge fund rose about 20%. But QRT did buck its peers in 2008, soaring 23.4% while the average hedge fund lost double-digits.
UPDATE: A source with knowledge of the matter said QRT had a small positive return in 2010 but the fund administrator applied fees and expenses from H1, when the fund was much larger, to the much smaller fund that existed at the end of the year, resulting in a huge negative relative contribution to annual return.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…