Wednesday, 3 September 2014
Last updated 11 hours ago
Nov 14 2012 | 12:55pm ET
BlackRock is spinning off the leveraged-finance portfolio of its Obsidian Funds as a stand-alone hedge fund.
The new Fundamental Credit Investors Fund will include the best ideas generated by BlackRock's leveraged-finance desk, Bloomberg News reports. The firm has begun to meet with clients about the new offering and plans to begin marketing it early next year.
Word of the new long/short global credit fund comes from a Citigroup prime brokerage document. Fundamental Credit Investors will seek to replicate Obsidian's leveraged-finance portfolio, investing in high-yield debt, bank loans and special situations. The fund will be managed by James Keenan, an eight-year BlackRock veteran who serves as head of leveraged finance portfolios and investments.
BlackRock has $3.67 trillion in assets, including $113 billion in alternative investment assets. It is unclear how much it hopes to raise for the new fund; the fixed-income Obsidian funds managed less than $1 billion as of last year.
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…
The twin debacles of MF Global and PFG have damaged the reputation of the futures industry demanding an examination of customer protection rules. New rules are being implemented, which will add cost a...