Friday, 29 August 2014
Last updated 11 hours ago
Aug 22 2011 | 2:09pm ET
The slimmed-down FrontPoint Partners is getting even svelter.
FrontPoint, which earlier this year shut down all but four of its hedge funds in the wake of an insider-trading scandal, has agreed to sell one of those four to private equity firm MatlinPatterson. The Greenwich, Conn.-based firm will transfer the management of its three-year-old Strategic Credit Fund, and that fund's management team, to MatlinPatterson on Oct. 1.
Strategic Credit's managers, Noelle Savarese and Marc Rosenthal, informed clients of the plan about a month ago. The two will continue to run the fund, which is expected to bring between $150 million and $180 million to MatlinPatterson, The Wall Street Journal reports. The fund had managed about $500 million earlier this year before a wave of redemptions in the wake of the implication, arrest and guilty plea of Joseph Skowron, the firm's former healthcare hedge fund chief, on insider-trading charges.
FrontPoint will be left with only about $1 billion in assets after the credit team leaves. Almost all of that money is in its FrontPoint-SJC Direct Lending Fund, which debuted in January and has a six-year lockup.
At its peak, FrontPoint managed $10 billion. The hedge fund spun-off from Morgan Stanley in March, more than four years after the investment bank bought the firm.
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 ...