Wednesday, 1 October 2014
Last updated 12 hours ago
Jul 19 2007 | 12:40pm ET
The Man Group fell almost $1 billion short of its goal for the initial public offering of its futures brokerage in what’s turning out to be a tough day for hedge fund firms in the public markets.
London-based Man raised $2.92 billion in the New York Stock Exchange listing. More than 97 million shares of the Hamilton, Bermuda-based unit sold at $30 per share—well below the range of $36 to $39 it had sought. Investor jitters about the collapse of Bear Stearns’ two heavily sub-prime-dependent hedge funds and about the future of futures brokers generally may have contributed to the disappointment, which continued during the stock’s first day of trading.
Shares of MF Global, which trades on the NYSE under the ticker symbol “MG,” were down $2.45 to $27.55—more than 8%—in midday trading, having fallen as low as $27.13 earlier.
Man decided to sell MF Global, which handles futures, options and other derivatives trading, to focus on its hedge fund business. It maintains a 20% stake in the spun-off MF Global.
On the other side of the pond, in Man’s hometown of London, New York-based activist hedge fund manager Third Point also fell short of its goals in a listing of one of its hedge funds.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...