Wednesday, 27 May 2015
Last updated 11 min ago
Feb 13 2012 | 4:52am ET
Last year was a bad one for hedge fund investors, and global asset manager Investcorp didn't escape the carnage.
The alternative investments firm said that its fiscal first-half profit plummeted more than 90%, battered by the performance of its hedge fund portfolio. The firm earned just US$5.3 million in the six months ended Dec. 31, down from US$56.2 million in the year-earlier period.
The dramatic profit drop-off was attributed almost entirely to declining hedge fund revenue. Indeed, Investcorp's client business activities and corporate investment asset-backed fees rose during the half.
"We are significantly readjusting our positioning to hedge funds and giving greater allocation to portfolio insurance," CFO Rishi Kapoor said. "We've taken aggressive moves to protect against the impact of hedge funds."
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…