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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...