Monday, 20 October 2014
Last updated 2 hours ago
Jul 1 2007 | 7:36pm ET
Following the near-collapse of two of its hedge funds, Bear Stearns is bent on “restoring investor confidence” and demonstrated its fervor by appointing Jeffrey Lane as chairman and chief executive officer of Bear Stearns Asset Management. Lane replaces Richard Marin, who will remain with BSAM as a senior advisor to Lane.
Before joining BSAM, Lane served as a vice chairman of Lehman Brothers and chairman of Neuberger Berman Inc.
"Our focus is on restoring investor confidence in BSAM, serving our clients with excellence and assuring them of our commitment to provide them with the highest quality asset management products and services,” James Cayne, Bear Stearn’s chairman and chief executive officer, said.
The firm did not return messages seeking additional comment on the new appointment.
Bear has said that it will only try to resuscitate its High-Grade Structured Credit Fund to the tune of approximately $1.6 billion and is continuing “to work with the creditors and counterparties of the High-Grade Structured Credit Enhanced Leverage Fund to facilitate an orderly de-leveraging of the fund in the marketplace. Remaining outstanding repo balances in this fund are approximately $1.2 billion. Bear Stearns is not providing any financing to this fund.”
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 ...