Wednesday, 1 April 2015
Last updated 2 hours 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…