Friday, 27 March 2015
Last updated 2 hours ago
Sep 22 2011 | 2:03am ET
Arrowgrass Capital Partners may shut its equity hedge fund as poor performance and investor redemptions have cost the vehicle more than 90% of its assets.
The two-year-old stock fund is on the ropes due to a difficult 2011; it is down 14.5% this year after losing 8.65% last month. But even more damaging for Equity Focus' prospects are its dwindling assets under management, which stand at just US$30 million—down from US$400 million at the beginning of the year.
London-based Arrowgrass has allowed investors to flee in advance of its regular redemption dates following the August freefall, the Financial Times reports.
Arrowgrass launched the equity fund, helmed by SAC Capital Advisors veteran Andrew Billett—two years ago, just one year after the firm spun off from Deutsche Bank. It was a quick hit, forcing the fund to restrict inflows, and it did well in both 2009 and 2010 before hitting the skids this year.
Arrowgrass' flagship Master fund is essentially flat year-to-date after losing 2.7% in August. And Equity Focus' woes haven't cost the firm too dearly, as its assets under management have remained stable at about US$4.1 billion.
Arrowgrass may be losing its stock fund. But it has definitely lost its macro strategy chief.
James Barty has left the firm due to health reasons, according to the FT. Before joining Arrowgrass, Barty was an economist at Deutsche Bank.
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…