Tuesday, 21 October 2014
Last updated 2 hours ago
May 17 2011 | 10:15am ET
A former Barclays Bank proprietary trader has won a lawsuit against his former employer that could cost it millions of pounds.
A London Court of International Arbitration judge found in February that Barclays had pulled its seed investment from Nylon Capital too quickly—after four months, rather than the 12 set out in the investment agreement. The move forced Nylon, founded in 2004 by Alan Burnell, to liquidate its entire portfolio to repay the bank. And the judge found Barclays liable to pay damages, which are to be set at a hearing this month, Financial News reports.
Barclays had invested several hundred million pounds in Nylon, and also provided back-office services and other support. Nylon, which earned £12.4 million in 2009 but lost £2 million last year, is demanding that Barclays refund its expenses paid to the bank and is seeking to have the bank removed from the management of the company.
Barclays’ loss was revealed in regulatory filings made by the bank last week.
For its part, Nylon is seeking to pick itself up; the global macro specialist is in the process of raising money from new investors to relaunch its strategy.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...