Wednesday, 30 July 2014
Last updated 1 hour ago
Jul 31 2012 | 11:50am ET
Lazard has shuttered an activist hedge fund focused on Korea, a vehicle that never lived up to its promise.
The Korea Corporate Governance Fund debuted in 2006 with a US$600 million capacity; Lazard called it the first socially-responsible investment fund in South Korea. Despite a US$100 million investment from the California Public Employees Retirement System at the beginning of 2008, the fund never neared that capacity, topping out at about US$300 million just in time to lose more than 40% in 2008.
The fund, which invested in small- and mid-sized companies, rebounded in 2009 and 2010, returning 11% and 29.5%, respectively. But it plummeted 19.4% last year, leaving it with a market value of just US$67.8 million.
Lazard said it will offer clients in the fund its Korean equities strategy, Asian Investor reports.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…