Monday, 30 March 2015
Last updated 7 hours ago
Jan 19 2012 | 1:17pm ET
While many top hedge funds have eased the lockup and redemption terms that made many infamous during the financial crisis three years ago, at least one is sticking tightly to the onerous rules it put into place when it launched more than seven years ago.
Eton Park Capital Management continues to give investors a chance to redeem only once every 27 months—if an investor misses a window, he or she must wait another 27 months. In order to do so, they must give 65 days notice, and can only pull one-third of their money any year. Those that do redeem must wait another month after the redemption date to actually get their money, Fortune magazine reports.
What's more, Eton Park still reserves the right to employ one of the most hated features of the hedge fund industry: side pockets. And it can put up to 30% of its assets in those side pockets.
That may be why the $12 billion firm saw only 5% net redemptions last year, despite break-even performance over the past three years and an 11% loss last year.
"We are redeeming as much as we can and as fast as we can," one investor, who gave Eton Park his money in 2008, told Fortune.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…