Thursday, 2 October 2014
Last updated 16 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...