Tuesday, 23 September 2014
Last updated 2 hours ago
Jul 27 2007 | 2:02pm ET
Managing Harvard University’s money apparently doesn’t necessarily make you smart enough to dodge the sub-prime shrapnel.
Sowood Capital Management—founded by former Harvard Management Co. money manager Jeffrey Larson—is down 10% year-to-date due to big bond losses over the last two months, the Wall Street Journal reports.
Unlike other hedge funds burned by the credit crisis, Boston-based Sowood seems to be in good shape. The firm, which Larson set up after the end of his extremely successful stint at Harvard in 2004, has been able to meet its margin calls and does not face any redemptions until the end of 2008. It is in no danger of shutting down, the Journal reports.
Still, the fund, which trades both stocks and bonds, has sold some positions to raise cash for margin calls, including positions in merger-related shares.
Sep 22 2014 | 4:15pm ET
I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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.