Sunday, 29 March 2015
Last updated 1 day ago
Jul 24 2007 | 12:56pm ET
Seeking to resolve confusion and conflicting reports in the media and the blogosphere, the Credit Suisse Index Co. said that the collapse of two Bear Stearns hedge funds would have a minimal impact on its main index, but that its fixed-income arbitrage subindex was not so lucky.
The Bear Stearns High Grade Structured Credit Fund—the one deemed not quite a total loss by the New York investment bank last week—is one of 437 funds making up the Credit Suisse/Tremont Index, with a weight of less than 0.2%, Credit Suisse said today. As its collapse will “have limited impact on the overall performance” of the index, the June performance numbers released on July 16 will not be revised.
The Credit Suisse/Tremont Fixed Income Arbitrage Sector Invest Index was not so lucky: the Bear fund was one of just 10 components, with a weight of 9.86%. But CS notes that “on Monday morning, July 16, a value of ‘NA’ was reported for SECT FIARB as the performance of the Bear Stearns HGSC Fund was deemed to be of material importance to the calculation of the overall index and reported to be announced later that day by Bear Stearns.” When Bear did report, on July 17, it sent the fixed-income arb subindex down 5.98% for June. It is down 7.47% year-to-date.
CS said the Bear funds would not affect any of its other strategy subindices, nor its investable indices.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…