Tuesday, 21 October 2014
Last updated 2 sec ago
Sep 28 2007 | 12:40pm ET
Embattled Absolute Capital Management Holdings is thawing the redemption freeze it put into place last week after its founder resigned and its shares went into a tailspin. The Majorca, Spain-based hedge fund said investors will be permitted to withdraw 30% of their investments in four of its funds.
The firm announced a restructuring after co-founder Florian Homm’s departure, planning to separate the funds’ liquid investments from their illiquid investments, which are to be placed into side pockets.
ACM will permit redemptions “up to an aggregate 30% of their investments in the funds’ liquid share classes on scheduled redemption days over the following 12 months,” it said today. The funds covered by the new arrangement are the Absolute Return Europe Fund, Absolute European Catalyst Fund, Absolute Octane Fund and Absolute East West Fund.
ACM shares have more than dropped 80% since Homm’s shock announcement last week, and nearly 90% since the end of July. The firm’s clients have been no kinder, pulling more than 40% of its assets under management before it suspended redemptions on Sept. 20.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...