Monday, 29 December 2014
Last updated 9 hours ago
Aug 20 2007 | 12:53pm ET
London hedge fund manager Solent Capital Partners has been forced to shutter a year-old asset-backed vehicle due to the credit crisis.
Solent will wind down its US$1.5 billion Mainsail II fund after being denied short-term financing through the sale of commercial paper, MarketWatch reports. The fund, which is drawing on emergency bank loans, may be forced to sell assets at a deep discount, Solent said in a statement today. Mainsail II had debts of roughly US$1.3 billion at the end of, according to Moody’s Investor Service.
“Current market volatility and lack of market liquidity with respect to the sub-prime lending markets have caused adverse conditions with respect to the liquidity and market exposures of the company’s underlying portfolio of investments,” the firm, which manages some US$8.8 billion, said.
Mainsail II invested in both residential and commercial mortgage-backed securities, as well as collateralized debt obligations.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.