Thursday, 20 November 2014
Last updated 8 hours ago
Jul 6 2007 | 11:41am ET
The subprime mortgage securities market has plenty of hedge fund blood on its hands already, and it has claimed yet another victim.
Denver-based Braddock Financial Corp. announced yesterday that it will liquidate its $300 million Galena Street Fund, which has been buffeted by redemption requests as subprime investors have taken a beating.
News about the subprime market “just made investors nervous about being invested in the subprime market at all,” Braddock CEO Harvey Allon told Reuters. “People voted with their redemption requests.”
The fund, which returned just 7% last year, was down roughly 3% in the first quarter of this year.
Investors, whose redemptions had already slashed the size of the fund by a quarter, will get one-fifth of their money back by early next week, Allon said, with the rest coming “more frequently than quarterly” thereafter.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...