Monday, 25 May 2015
Last updated 3 days ago
Aug 1 2013 | 11:36am ET
Despite an impressive pedigree and some powerful backers, Roc Capital Management is closing its doors in the face of falling assets and poor performance.
The New York-based hedge fund has begun to liquidate its remaining portfolio, Bloomberg News reports. Roc plans to return all capital to clients within a few weeks.
Roc managed just $642 million at the beginning of March, down from $1.2 billion when it launched in 2009. The quantitative hedge fund was among the largest new hedge funds of that year, and was backed by Deutsche Bank, where founder Arvind Raghunathan and most of its staff formerly worked at its Equitech Group. The bank owned at least a 5% stake in Roc and put up $500 million of its initial capital.
Roc also had the support of one of India's richest couples, the daugher of ArcelorMittal chief Lakshmi Mittal and her husband, who in 2011 took between a 10% and 25% stake in Roc.
Roc, which has suffered losses, will survive as a firm. It plans to launch a new fund that will manage employee money only—at least initially.
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…