Monday, 30 March 2015
Last updated 48 min ago
Jun 13 2011 | 12:28pm ET
At least one hedge fund hedged extremely well in a disappointing May for the industry.
LibreMax Capital, the New York-based firm headed by three former top Deutsche Bank traders, returned 1.15% last month, which the average hedge fund lost about as much, according to industry indices. But the $700 million firm did so in spite of its core portfolio—including the 45.6% of its assets invested in subprime mortgage securities.
LibreMax's gains in May, which brought the firm's year-to-date return to 5.9%, were the result of its hedges, especially its ABX index credit-default swaps, Bloomberg News reports.
The firm's main holdings fell 0.65%, LibreMax told investors in a letter.
LibreMax, which debuted in November, has returned 10.3% since inception.
The fund is helmed by Fred Brettschneider, Greg Lippmann, Eugene Lu and Jordan Milman. Brettschneider was head of global markets at Deutsche Bank and Lippmann was head of asset-backed securities trading. Xu was Lippman’s quantitative specialist at Deutsche Bank, earning himself a cameo in author Michael Lewis’s book, The Big Short. Milman is head of trading.
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…