Friday, 25 July 2014
Last updated 32 min ago
Aug 26 2011 | 9:56am ET
The founders of RAB Capital are throwing the firm’s flagship a lifeline to keep it from further antagonizing investors.
Michael Alen-Buckley and Philip Richards, the latter the fund’s manager, will invest an additional US$30 million in RAB Special Situations. The new investment will allow Richards to avoid having to side-pocket the fund’s illiquid assets.
RAB is in the process of recasting Special Situations as a natural resources-focused fund. In October, RAB will return about 80% of the fund’s assets to investors; the redemptions were to leave Special Situations, which managed more than US$2 billion at the beginning of 2008, with less than US$100 million.
Special Situations lost more than 70% of its value that year, beginning a downward spiral that ended earlier this summer with the company’s decision to delist its stock.
With their new investment, Alen-Buckley and Richards will have about US$40 million invested in Special Situations, Bloomberg News reports.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…