Thursday, 30 July 2015
Last updated 6 hours ago
Jul 24 2007 | 11:11am ET
Not everyone is unhappy about the growing sub-prime debacle: In fact, the Blackstone Group has made it a cottage industry.
Australian hedge fund Basis Capital Fund Management, which last week said it could see assets fall by half due to losses in sub-prime investments, has hired the New York-based private equity giant to advise it about the crisis. Blackstone is already advising the most high-profile hedge fund victim of the sub-prime markets, Bear Stearns.
Sydney-based Basis said that Blackstone will help it “prevent adverse pricing and selling of assets.” Last week, it warned investors that its Yield Alpha Fund, already down 14% last month, could be halved in value if lenders seize and sell off its assets at distressed prices. Both the Yield fund and its Aust-Rim Opportunity Fund—down 9% in June—had invested in the risky unrated portions of collateralized debt obligations.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…