Spain's First Hedge Fund To Liquidate

Dec 23 2011 | 9:58am ET

BBVA Asset Management will shutter Spain's first hedge fund, which has suffered crippling redemptions in recent months.

Investors redeemed more than 95% of BBVA Codespa Microfinanzas' assets in November alone, leaving the fund with just €24 million in assets and 29 investors, BBVA said. At the beginning of the year, Codespa managed about €680 million.

BBVA said market conditions, lack of demand and the precipitous decline in assets were behind the decision to shut the fund, which has suspended redemptions for the duration of its liquidation.

Codespa was launched in 2006. It invests in unlisted microfinance in the Dominican Republic, Nicaragua and Peru.


In Depth

Q&A: High Conviction, Low Correlation

Oct 30 2014 | 7:35am ET

Acadian Asset Management's numbers are big: over $70 billion in assets under management...

Lifestyle

Ex-Hedgie Steyer Gives $56M To Climate Action Super PAC

Oct 28 2014 | 9:23am ET

Retired Farallon Capital founder Tom Steyer has poured almost $56 million into his...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

The yield curve and stock market response

Traders form habits quickly. Understanding these and their effects can better equip us to decipher actual market moves.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.