Thursday, 21 August 2014
Last updated 15 hours ago
Jun 8 2012 | 1:03pm ET
New York hedge fund Woodbine Capital Advisors is on a very unpleasant diet.
The global macro shop, set up three-and-a-half years ago but former Soros Fund Management portfolio manager Joshua Berkowitz and Permal Group veteran Richard Corsden, has seen its assets dwindle from $3.2 billion two years ago to just about $500 million now, the New York Post reports. Some $700 million of the outflow has come since January, when Woodbine had $1.2 billion left.
This year's waning of assets has coincided with the departure of two co-founders, Corsden, who returned to Permal, and Marcel Kasumovich, like Berkowitz a Soros vet. Those exits prompted some of the redemptions, according to the Post.
A Woodbine spokesman told the tabloid that the firm expects to raise new money by the beginning of next month. Permal remained a major investor as of the end of March.
Woodbine lost 12% last year and shook up its staff. But it returned to the positive in May.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note