Monday, 20 October 2014
Last updated 8 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.
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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