Wednesday, 27 August 2014
Last updated 14 hours ago
Aug 31 2011 | 3:04pm ET
RAB Capital's white knight from Hong Kong has proven an apparition: Sunwah International has dropped plans to buy two of the troubled hedge fund's vehicles.
Sunwah, which is controlled by the billionaire Choi family, backed out of the deal, struck in June, because RAB was unable to proceed with the transfer of its Energy and Octane funds until Sunwah bought a U.K. fund management platform, the Financial Times reports. Sunwah had been bidding to take a majority stake in PCE Investors, the platform that it would have moved the RAB funds to; the fate of that deal is unclear.
RAB, which delisted earlier this year amidst catastrophic redemptions, had planned to rebuild its battered franchise around its newly-reconfigured flagship Special Situations Fund. But the firm is happy to continue running the $300 million Energy and Octane funds, the FT reports.
Whether investors are happy is another story: Energy is down 17.2% this year.
For its part, Sunwah said it still plans to build a hedge fund platform in London.
"The current market uncertainties in the United States and Europe have created an environment in which proceeding with the contemplated novation became increasingly difficult," Sunwah CEO Douglas Betts told the FT. "Nevertheless, we remain 100% committed to the development of our asset management business and continue to pursue several opportunities to [create] a stronger, more diversified revenue base for Sunwah."
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 ...