Tuesday, 21 October 2014
Last updated 24 min ago
Mar 28 2012 | 12:06pm ET
The Children's Investment Fund has kept a relatively low profile in recent years. But no more: The activist hedge fund has sued the world's second-largest country.
London-based TCI yesterday formally accused the Indian government of violating trade treaties between it and the U.K. and Cyprus, where TCI's funds are domiciled. In doing so, TCI has joined the fray over a corruption scandal embroiling India's government, after the country's comptroller and auditor-general accused the government of selling coal assets at a steep discount to some of India's top businessmen.
According to TCI, those sales—which the comptroller said could have cost the company US$211 billion—"seriously impaired the business activities and operations" of Coal India, of which the hedge fund owns 2%. The Indian government owns 90%.
TCI alleges the government ordered Coal India to make the discounted sales.
TCI said the letter, which India's coal secretary says he has not received, gives the two sides six months to settle the matter before international arbitration.
"We tried to do it the soft way," TCI's Oscar Veldhuijzen told the Financial Times. "We tried to do it in a very constructive way and all we got was us being ignored and the board following the instructions of the government."
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 ...