Thursday, 21 August 2014
Last updated 9 hours 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note