Saturday, 23 May 2015
Last updated 11 hours ago
Jan 17 2012 | 12:53pm ET
Add Lansdowne Partners to the list of high-profile hedge funds suffering a big come-down last year.
The London-based firm's UK Fund's first-ever annual loss was a big one. The fund fell 20.07% in 2011, Financial News reports. The 10-year-old fund was hardest hit by financial stocks, namely JPMorgan Chase, Wells Fargo and Lloyds Banking Group.
Fund managers Peter Davies and Stuart Roden acknowledged that they were "overly blasé about short-term uncertainty, especially insofar as it related to political developments" and "failed to conceive of the degree to which core solvency (rather than profitability levels) would re-emerge as a consideration for investors." But the two said they'd stick with financials this year, promising that the sector offered a "mis-pricing" opportunity.
"Given deposit funding, economies of scale, sale of non-loan products and back books of business that are typically less price-sensitive than the marginal customer," meaning bank stocks should rally this year.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…