Monday, 4 May 2015
Last updated 5 min ago
Oct 12 2011 | 1:20pm ET
Three former Australian Goldman Sachs traders have shuttered their hedge fund, choosing to wait out the current economic turmoil before returning to the markets.
Global Trading Strategies, based in Sydney, stopped trading on July 31 and had returned 99% of its investors' capital by the middle of last month, Bloomberg News reports. The firm's founders, Brett Allender, Karl Mayer and Andrew Peden, former Goldman Sachs JBWere traders, decided "that the current environment wasn't conducive to their trading style and they thought it better to hand money back to investors," Murray Chatfield, chief operating officer, said.
"A lot of our investors didn't want us to do it, but we thought it was the correct thing to do," he added. "At some point we'd make a decision on how and when to re-enter the market."
The once-$1.2 billion global macro fund managed only $400 million at the end of July, following a year of negative returns. The six-year-old hedge fund, which began within Goldman Sachs JBWere, had doubled investors' money since inception and employed 24 people.
The fund's remaining 1% is being held back for regulatory reasons, Chatfield said.
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…