Thursday, 26 November 2015
Last updated 21 hours ago
Jun 14 2007 | 12:42pm ET
The crisis in the subprime mortgage market has claimed a second hedge fund victim, as Bear Stearns is liquidating its 10-month-old High-Grade Structured Credit Strategies Enhanced Leverage Fund. Bear sought bids—due at 10 a.m. this morning, The Wall Street Journal reports—for some $3.8 billion in mortgage-backed securities after it was forced to halt redemptions in the fund, which is down about 20% this year. Investors were seeking to pull almost half of their $600 million by June 30.
Bear is seeking to sell the fund’s highest-rated bonds in the current sale. In September, it unloaded its highest-risk collateralized debt obligations on Everquest Financial. Calls made to the firm were not returned by press time.
Bear is the second major investment bank to see a hedge fund burned by the spike in delinquencies. Last month, UBS shuttered its year-old hedge fund Dillon Read Capital Management, which also suffered big losses in the subprime mortgage market.
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…