Friday, 22 May 2015
Last updated 2 hours ago
Apr 14 2011 | 1:35am ET
Investors will have to wait a lot longer to pull their money from a Fauchier Partners fund of hedge funds.
The firm, which selects underlying funds for the $110 million Fidam Capital Growth Fund, said that, beginning at the end of the month, investors will have to provide three months’ notice to get their money back, instead of the current one. Fauchier said that the change was motivated by investors’ desire for the fund to take more risks and invest in less-liquid hedge funds.
“The board felt it would be better if there were a longer notice period for redemptions, which means that we as advisers could then offer a wider range of underlying investments,” Fauchier’s Christopher Fawcett told Reuters. Fauchier denied that the extended notice period had anything to do with March’s market volatility, saying that Fidam was essentially flat last month.
The Fidam board explained that the longer period could be waived “at the discretion of the board of directors provided the relevant sub-fund has sufficient liquid assets to accommodate the redemptions and a fair treatment of all investors is assured.”
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…