Wednesday, 1 October 2014
Last updated 8 hours ago
Dec 2 2013 | 7:04am ET
Less than a month after forcing the U.K.'s Co-operative Bank to end more than a century of mutual ownership, hedge fund Aurelius Capital Management dumped its interest in the company ahead of a crucial vote.
Aurelius sold its Co-op Bank bonds at a profit prior to Friday's vote on the £1.5 billion rescue plan formerly backed by Aurelius. Under that deal, which was approved by bondholders in spite of the hedge fund's move, Aurelius was to have become Co-op Bank's largest hedge fund shareholder.
Instead, as Co-op admitted that it was losing accounts and amidst a scandal involving its former chairman, Aurelius sold out to Perry Capital, which supported the deal crafted by Aurelius and Silver Point Capital. That rescue allows Co-op to avoid nationalization, while also leaving former parent Co-operative Group with just a 30%. Co-op Bank is expected to go public next year.
Aurelius bought up the Co-op Bank shares after the bank was downgraded in May.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...