Wednesday, 22 October 2014
Last updated 15 hours ago
Jan 31 2012 | 2:13pm ET
Investors in the world's first sports-betting hedge fund find themselves holding shares as worthless as losing wager tickets.
Centaur Corporate's Galileo Fund debuted in the middle of 2010. But earlier this month, the fund called in the liquidators and told investors that there's no money left—meaning losses of £1.6 million.
"Just over a week ago they sent a letter out saying they were going into liquidation and there was no money left," an investor told The Journal of Newcastle, U.K. "As recently as a statement on Dec. 13, detailing November trades, they said my account balance was over £20,000, but that was money which it would now seem didn't exist."
Galileo bet on events already in progress, counting on its fellow "in-running" gamblers to be too emotional, giving it the chance to get better odds. In its letter to investors, Centaur blamed its losses on "sheer bad luck."
Begbies Traynor has been appointed liquidator. The firm said that its Kirstie Provan and Jamie Taylor were named liquidators, and that "all known creditors will receive an estimated statement of the assets and liabilities from Begbies Traynor in due course."
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 ...