Wednesday, 1 April 2015
Last updated 2 hours ago
May 18 2011 | 11:57am ET
Citigroup can't win for losing. It apparently can't win for winning, either.
The banking giant said a mortgage hedge fund that almost exclusively manages its own capital is up 16% this year. The only problem is that, under the Volcker rule, it's either got to raise a lot more money for the $395 million vehicle, get rid of it or pull its own currently very profitable capital.
The bank may seek to do the former, Bloomberg News reports, prior to the implentation of the Volcker rule, which is likely several years off.
The Mortgage/Credit Opportunity Fund was launched in 2008 by former Halcyon Asset Management principal Rajesh Kumar. Citi seeded the fund, which invests in both commercial and residential mortgage bonds, with $200 million.
The fund returned 17% in the last eight months of 2008, 23% in 2009 and 26% last year.
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…