Tuesday, 21 October 2014
Last updated 3 hours ago
Sep 6 2007 | 7:45am ET
Hurricane Katrina ravaged commodity hedge funds run by Global Advisors, and it’s been all downhill from there. This week, almost exactly two years after that storm struck the U.S. Gulf Coast and devastated New Orleans, the U.K.-based hedge fund manager plans to put a pair of funds out of their misery.
The Global Advisors Commodity Investment and Global Commodity Index Plus funds, buffeted by losses and investor redemptions in a run of bad luck that began with Katrina’s landfall, are to close by the end of the month, Financial News reports.
The closures and earlier redemptions will leave Global Advisors with just $100 million in assets under management, from a peak of $400 million before the hurricane. It’s also cutting its staff by 40%, a loss of four jobs.
But not all is doom and gloom for Global during this hurricane season: Its discretionary programs have been a disaster, but its systematic program has been a success. Co-principal Rus Newton told Financial News that the firm will concentrate on the quantitative systematic program going forward.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...