Saturday, 18 April 2015
Last updated 18 hours ago
Oct 14 2013 | 1:55pm ET
Finisterre Capital has launched a UCITS-compliant fund in an effort to hold on to some key clients.
The London-based firm's decision to set up an onshore fund was prompted not by the European Union's new hedge fund rules—but by its new insurance rules. Under the so-called "Solvency II" capital rules, insurers will have to set aside more capital to invest in offshore hedge funds. The threat led one Finisterre client to move to redeem from the firm, until Finisterre moved to launch the new strategy.
The new fund could prove a boon to the firm, according to co-founder Paul Crean.
"We believe this will appeal to other insurance investors, particularly in Asia and Europe, because of the Solvency II regulations," he told Reuters. "The fund will have slightly lower returns, slightly less leverage and probably less volatility."
Finisterre will also charge slightly lower fees: 1.5% for management and 15% for performance.
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…