Monday, 1 September 2014
Last updated 3 days 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.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...