Sunday, 23 November 2014
Last updated 2 days 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.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
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