Sunday, 19 April 2015
Last updated 17 hours ago
Oct 2 2012 | 1:48pm ET
Sweden's Wiborg Kapitalförvaltning is closing its 10-year-old Consepio hedge fund.
Wiborg becomes the latest hedge fund to throw in the towel in the face of tough markets. The fund has returned an average of 6.14% annually since its debut in February 2002 and has "recently disappointed investors and portfolio managers alike."
"In the current environment, where markets are influenced more by money flows driven by government and central bankers' actions rather than by underlying fundamentals of economic conditions or company performance, it has become difficult to realize profits on ‘value' and ‘hyped' investments within a time frame acceptable to our unit holders and ourselves as portfolio managers," Wiborg wrote to investors. "We do not see this environment changing in the near future. In light of this, we have arrived at the painful decision to wind down Consepio and return the money to our investors."
In an interview with Norway's E24, Wiborg founder Ragnhild Wiborg denied that the decision to close was the result of pressure from investors.
Consepio manages about 332 million Swedish krona (US$50.5 million).
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…