Senrigan Side-Pockets Losing Bets As Assets Plummet

Oct 12 2012 | 12:48pm ET

Senrigan Capital has moved five seriously underperforming holdings into a side pocket as its losses mount and investors begin to clamor for their money back.

The Hong Kong-based fund, headed by former Citadel Investment Group trader Nick Taylor, has lost 15% this year and seen half of its assets evaporate, leaving it with just US$500 million.

The side-pocket will hold roughly US$40 million worth of assets. Senrigan told clients last month that they will be paid 6% of their stake in the hedge fund as it liquidates the assets. Among the investments moved into the side-pocket is a stake in Australian miner Sundance Resources, which is being acquired by China's Hanlong Group.

The Blackstone Group has been a major backer of Senrigan, seeding it two years ago and adding a co-investment earlier this year. All told, Blackstone has invested $200 million in the hedge fund, and gotten very little in return. Senrigan lost 8.7% last year, more than erasing its 2010 gain.

According to Reuters, investors have been filing redemption requests with Senrigan.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR