Wednesday, 1 October 2014
Last updated 9 hours ago
Aug 19 2011 | 4:42am ET
After a brief delay—and a contentious board meeting—the San Diego County Employees Retirement Association has become the newest client of Saba Capital Partners.
The $8 billion public pension’s board approved the $100 million allocation to the New York-based hedge fund, but not without some drama. Dan McAllister, the county’s treasurer and tax collector, and a member of SDCERA’s board, voted against hiring Saba and openly questioned the move, prompting an angry exchange between McAllister and another board member.
McAllister took issue with the board’s rethink on Saba—it deadlocked on the allocation last month—and brought up Saba founder Boaz Weinstein’s role in losing $1.8 billion as a proprietary trader for Deutsche Bank in 2008.
“This is the absolute best in the world?” McAllister asked portfolio strategist Lee Partridge of Salient Partners. McAllister complained that Partridge had failed to mention that loss at a previous meeting.
But McAllister’s efforts were in vain: Saba was approved by a five-to-one vote.
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 McKitish of Peddie School's 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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...