Sunday, 21 September 2014
Last updated 1 day ago
Aug 14 2012 | 12:41pm ET
Omega Advisors has drastically cut its exposure to U.S. banks.
The New York-based hedge fund sold down its stakes in JPMorgan Chase and Citigroup in the second quarter, and sold off its entire 6.5 million stake in Bank of America Corp.
Omega had added to its investment in JPMorgan in the first quarter, bringing its total stake in the bank to 2.22 million shares. But it sold more than half of that holding in the second quarter.
Omega also sold off its positions in Andarko Petroleum Corp., Seagate Technology, the SPDR Gold Trust exchange-traded fund and Verisign Inc. The $6 billion hedge fund put some of that money to work on new investments in Express Scripts Holding and Watson Pharmaceuticals.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.