Sunday, 3 May 2015
Last updated 2 days ago
Nov 2 2012 | 2:25am ET
Two years ago, Edoma Capital was one of the hottest new hedge funds around. Today, it is no more.
The London-based hedge fund, founded by former Goldman Sachs proprietary trading chief Pierre-Henri Flamand, told clients yesterday that it would close its doors after failing to live up to expectations. The fund, which launched in November 2010 with more than US$1 billion in commitments, has lost 6.9% since inception and 4.9% this year. Those disappointing returns have seen fund's assets, once as high as US$2 billion, fall to about US$855 million.
"This is very disappointing for everyone concerned," Flamand said in a statement yesterday. "Considering the unprecedented market conditions, we felt the most responsible course of action was to return money to investors and cease investment activity."
It will take as much as four months to affect that plan, as Flamand and Edoma's staff wind down and liquidate the event-driven fund.
Edoma's quick demise puts an end to one of the more promising new hedge funds to result from the Volcker rule, which strictly limits banks' alternative investment activities and bars proprietary trading. Flamand spent several months after leaving Goldman building a top-notch team, but the firm's difficulties saw some of those staffers leave in recent months. Last month, two partners, Oliver Haslam and Casper Lund, announced their departures.
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…