Friday, 22 May 2015
Last updated 5 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."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…