Tuesday, 23 September 2014
Last updated 3 hours ago
Jun 2 2011 | 3:31pm ET
Citigroup has shuttered an internal quantitative hedge fund as the bank continues to slough off proprietary trading operations.
Citi closed its Quantitative Strategies fund in April, after naming fund manager Shakil Ahmed head of electronic market-making, Bloomberg News reports. The fund managed $400 million, all of it internal capital.
The bank did not disclose the fund's performance. Citi, like other banks, is in the process of coming into compliance with the Dodd-Frank financial regulation law, which bars proprietary trading.
Ahmed, who also serves as co-head of electronic trading, has been with Citi since 2008. He joined the firm from Morgan Stanley's quantitative prop. trading desk, the process-driven trading group.
Morgan Stanley is in the process of spinning off PDT as an independent hedge fund, a deal that show close by the end of next year.
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 McKitich, CIO of Petty 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…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.