Thursday, 18 September 2014
Last updated 5 hours ago
Sep 11 2013 | 12:26pm ET
Swiss private-equity firm Partners Group plans to exit the hedge-fund and wealth-management businesses after posting weak first-half numbers.
The Zug-based firm said yesterday that it would sell its remaining interests in Asset Management Partners and an undisclosed hedge fund business to the firms' management. The moves will cut about €800 million from Partners' €30 billion in assets under management.
The sales are expected to be completed in the second half. Terms were not disclosed.
AMP, which Partners established in 1996 and spun off in 2002, has between 10 and 15 employees, and the hedge fund between five and 10, investor relations chief Philip Sauer told Financial News.
Partners said that its performance fees fell 35% in the first half, cutting its margin on revenue by 10 basis points to 127 basis points. But its net income, assets under management and management-fee income all rose.
"Global pension markets, our dominant sector, continue to grow," co-CEO Andre Frei said.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.