Thursday, 28 August 2014
Last updated 8 hours ago
Jan 4 2012 | 2:09am ET
Less than a month after landing new jobs, a pair of former Citadel Investment Group bankers are out on the street once again.
Bryan Maher and John Newman joined broker-dealer WJB Capital Group last month after stints at Citadel Securities, the hedge fund giant's investment banking group. Citadel all but shuttered that division in August.
Unfortunately for Maher, Newman and A.B. Mendez, a former analyst a GreenCrest Capital who joined WJB at the same time, their new firm was on shaky footing. The ground fell out from under it yesterday, when New York-based WJB told its employees that it would close its brokerage operations after it failed to find affordable capital.
WJB's non-brokerage operations are exploring "other possibilities," general counsel Mark Skolnick said. The firm does not plan to file for bankruptcy, he said.
WJB was "unable to raise capital in a manner that would have allowed the firm to continue its operations given the current climate and the constraints that would have been placed on everyone," CEO Craig Rothfeld told Bloomberg News.
WJB had about 100 employees, some of whom had lend the firm money.
Just days ago, WJB was sued by James McNally—who called himself an investor in the firm but who WJB says was merely a lender—for fraud and breach of contract. According to McNally, who also named Rothfeld in the suit, the firm misused his money and failed to pay him as promised.
Rothfeld denied the allegations, telling Bloomberg that McNally received monthly interest and that his claims are "baseless and without merit."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...