Friday, 31 October 2014
Last updated 9 hours 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."
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…
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