Sunday, 26 April 2015
Last updated 2 days ago
Jul 1 2011 | 12:13pm ET
Credit Suisse is getting picky about the start-up hedge funds it takes on as prime brokerage clients.
The bank is insisting on more than a strong investment track record—it wants new managers to show an understanding of infrastructure and some standard business sense, hoping to build relationships with firms that have long-term prospects for success. And that means Credit Suisse is taking on only half as many startups this year than it did in the past.
Just 10% of nascent hedge funds that have sought Credit Suisse's services have been graced with them, Hedge Fund Alert reports. In the past, the bank has taken on about 20% of such firms, prime brokerage chief Phil Vasan told some clients on a conference call last week.
Vasan told those clients that greater selectivity will lead to better capital introduction services. He also cited calls from investors, saying that "in a market flush with launches, investors tell us they're challenged to sort through them all and find what they're looking for."
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…