Sunday, 19 April 2015
Last updated 6 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.
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…