Sunday, 29 November 2015
Last updated 1 day ago
Sep 20 2011 | 2:29pm ET
One of the world's largest hedge funds doesn't want to get any larger.
Brevan Howard Asset Management is following other industry giants, such as Caxton Associates and SAC Capital Advisors, in seeking to limit its growth. But unlike those firms, which have simply restricted or cut off new investment, Brevan plans to return about US$2 billion from its flagship hedge fund to investors.
The Brevan Howard Master Fund currently manages about US$26.9 billion and is up 11% this year. But the firm had previously assured investors that it would keep the pool at about US$25 billion.
"It has nothing to do with the opportunity set we see in the markets," CEO Nagi Kawkabani told Bloomberg News. "We made a promise to our investors, and we feel we have to do the things that we told them we are going to do. Otherwise, we lose credibility."
It's not clear how Brevan will pay out the distributions. But a source told Bloomberg that is was not likely to force investors who haven't submitted redemption requests to take some of their money back.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…