Monday, 20 October 2014
Last updated 3 hours ago
Jan 31 2012 | 1:40pm ET
Citigroup will close its proprietary trading operations next month as it seeks to come into compliance with the upcoming Volcker rule banning the activity.
Equity Principal Strategies will close on Feb. 6. Most of the team's staff will leave the bank, according to an internal memo. The head of the desk, Sutesh Sharma, has been planning a hedge fund, Portman Square Capital, for months.
"Pursuant to various regulatory initiatives and changes, we have made the strategic decision to exit the Principal Strategies business," Derek Bandeen, head of equities at Citi, wrote on Friday. "The team, led by Sutesh Sharma, have been aware of this for some time and have worked diligently to wind down the positions over the last few months."
The Volcker rule will bar banks from proprietary trading, as well as strictly limiting their alternative investment activities.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...