Saturday, 23 May 2015
Last updated 12 hours ago
Jan 14 2014 | 12:24pm ET
Investors fled from hedge funds en masse last month, with the industry suffering its biggest net redemptions since the height of the financial crisis.
The SS&C GlobeOp Capital Movement Index, which measures net hedge fund subscriptions or redemptions, fell 3.56% in December. The reading was the index's worst since September 2009.
December's withdrawals all but wiped out last year's net inflow into hedge funds; the SS&C index rose just 0.16% last year.
December frequently sees a large outflow from hedge funds, as investors move to rebalance their portfolios. But last month's redemptions were much higher than December 2012's: A year ago, the index dropped just 2.61%.
The increased redemptions could be due to hedge funds' massive underperformance last year. The SS&C GlobeOp Hedge Fund Performance Index rose only 12.32% last year after adding 0.72% in December. The Standard & Poor's 500 Index soared 30%, and the MSCI World Index about 24%.
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…