Thursday, 26 November 2015
Last updated 14 hours ago
Jul 3 2007 | 11:19am ET
When Archeus Capital Management told investors last year that it was shutting down, it blamed its administrator, GlobeOp Financial Services, for its collapse. Now, it wants GlobeOp to share its pain.
New York-based Archeus filed suit late yesterday against GlobeOp, accusing the Harrison, N.Y.-based firm of “colossal failures” in trade reconciliation. Archeus, which saw its asset base shrink from $3 billion to about $700 billion in the 18 months before it decided to close in October as investors fled, is seeking $465 million in damages.
GlobeOp’s planned initial public offering on the London Stock Exchange would raise less than a quarter of that total—just $104 million.
“GlobeOp acted with reckless indifference to the rights of Archeus, the Animi Funds and their investors in a manner that smacked of intentional wrongdoing,” the hedge fund said in its lawsuit, filed in New York State Supreme Court in Manhattan. “GlobeOp pushed the Animi Funds into a ‘death spiral’ from which they could never recover.”
A spokesman for GlobeOp declined to comment on the lawsuit.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…