Monday, 20 October 2014
Last updated 2 hours ago
Dec 7 2012 | 9:50am ET
New York State's main public pension fund is among the investors putting Diamondback Capital Management out of its misery.
The New York State Common Retirement Fund began redeeming is $252.3 million investment with Diamondback earlier this year. It was still in the process of pulling its money when Diamondback announced yesterday that it would close its doors after two years of declining assets.
Now, New York will have its money back next month.
According to the New York Post, the Empire State's move was an "investment decision" and not motivated by Diamondback's link to the government's insider-trading crackdown; two former employees of the firm have pleaded guilty and another is currently on trial for trading on non-public information.
Diamondback itself was never accused of any wrongdoing and earlier this year settled SEC allegations stemming from the trades of Todd Newman, the former portfolio manager who is currently on trial. But it couldn't stop the asset bleeding that began with the Federal Bureau of Investigation's raid in November 2010. While Diamondback, alone among the four hedge funds raided that month, soldiered on, its assets plunged from $5.8 billion to just $1.45 billion following another $520 million in recent redemptions.
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 McKitish of Peddie School's 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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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