Saturday, 30 August 2014
Last updated 1 day ago
Jul 14 2011 | 12:14pm ET
Two hedge fund managers have won their case over a "doomed" joint-venture with F&C Asset Management.
A British High Court ruled in favor of François Barthelemy and Anthony Culligan, who accused F&C of seeking to kill their fund of hedge funds partnership, F&C Partners, after the collapse of Lehman Brothers. F&C, Barthelemy and Culligan had set up the limited liability partnership seven years ago.
The two men accused F&C of beginning to wind down the partnership without so much as consulting them to avoid having to buy out their potential 40% stake in the venture. F&C had sought to prevent Barthelemy and Culligan from exercising their put options that would give them that stake.
Now, the fund manager may have to buy Barthelemy and Culligan's stake for £7.4 million, as well as pay their legal costs, which F&C believes no more than £4.5 million, the asset manager said. While less than the £40 million that Barthelemy and Culligan sought, it is substantially more than the £2.4 million F&C had put aside to cover an adverse decision in the case.
F&C's own legal bills in the case amount to £1.7 million.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...