Hutchin Hill Quits 'London Whale' Trades

Jun 28 2012 | 3:29am ET

Another hedge fund is laying down the harpoon with which it speared JPMorgan Chase.

Hutchin Hill Capital has exited its credit-default swap trades betting against JPMorgan Chase's huge CDS index bets, trades that cost the bank at least $2 billion—although recent reports indicate the loss could be as much as $9 billion. Hutchin Hill is the second hedge fund that jumped on the opportunity offered by JPMorgan's so-called "London Whale," trader Bruno Iksil, known to have closed its positions.

Saba Capital Management was reported to have done so earlier this week.

Another of the hedge funds that profited from JPMorgan's predicament, BlueMountain Capital Management, has been engaged by the bank to help it unwind the disastrous derivatives trades.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of