Tuesday, 29 July 2014
Last updated 14 hours ago
Apr 12 2011 | 4:54am ET
Technology hedge fund 7x7 Asset Management is reopening all of its funds to new investors after seeing its assets under management fall by more than a third over the past nine months.
The San Francisco-based firm said the move was designed to replace assets lost both to redemptions and poor performance this year; the firm’s Institutional Partners fund is down 3.69% through March.
“Several hedge funds have been getting redemptions recently and we want to stabilize it,” CFO William Chong told MarketWatch. The firm now manages $409 million, down from $642 million at the end of June 2010.
7x7’s hedge funds will reopen next month, firm founder Douglas Lee told investors in a letter yesterday. The same missive described March, when the Institutional fund lost 2.17%, as a “tough month” in which “a number of our long investments did not fully recover from the first-half sell-off.”
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…