Monday, 30 March 2015
Last updated 2 days ago
Sep 18 2007 | 12:11pm ET
Florian Homm has resigned from Absolute Capital Management Holdings, the hedge fund he founded, sending shares of Swiss-based, London-listed and Spanish-run ACM into a tailspin, down upwards of 60%.
“I share a different investment and management philosophy from the current and prior management” of the firm, Homm, who last year survived a shooting in Venezuela, wrote in his parting shot. “The Board of ACMH did not agree with my arguments that ACMH needs to pay adequate compensation to retain top-level fund managers nor did they follow my lead in sacrificing personal bonuses and compensation, or in contributing ACMH shares to the funds.”
According to Homm, he poured some €33 million (US$45.7 million) into ACM’s funds in an effort to steady them during the recent market turmoil. In addition, Homm said he has “forgone my bonus this year with the intention to share it with the many investment professionals” at the firm.
“As a result of my actions, those funds have ended up positive or neutral for the month,” he wrote.
Homm, who currently serves as co-chief investment officer of the firm, said his resignation becomes effective tomorrow.
The resignation reportedly took ACM executives by surprise.
Homm said he has no plans to found a competitor to ACM, and that he remains the firm’s largest shareholder.
“I hope that my leaving ACMH will force management to realize that its most important asset are its highly-skilled investment professionals,” he wrote.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…