Wednesday, 1 April 2015
Last updated 10 hours ago
Feb 20 2013 | 2:03pm ET
Benros Capital, one of a number of high-profile hedge funds launched by former Goldman Sachs prop. traders, is throwing in the towel after losing a key investor.
The event-driven fund decided to call it a day after Brummer & Partners, Sweden's largest hedge fund manager, announced it was pulling its $300 million investment, reports Financial News.
A statement published Tuesday on the Brummer's web site said the firm's Multi-Strategy fund had decided to redeem its investment in the Benros Event Driven and Opportunistic Fund because “the fund’s performance has not met expectations.”
From inception in June 2011 to January 2013, the fund lost 7%, said Brummer.
A person familiar with the situation told FN the loss of Brummer's $300 million—which represented the majority of Benros' assets—caused the fund managers to decide to close the business and return remaining money to investors.
Benros Capital was founded by Daniele Benatoff and Ariel Roskis who worked at Goldman’s Principal Strategies proprietary trading desk under Pierre-Henri Flamand. Flamand also left Goldman to start his own hedge fund, Edoma Capital, which he announced he was shutting in November.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…