Tuesday, 26 May 2015
Last updated 12 min ago
Oct 3 2007 | 3:42pm ET
Beleaguered hedge fund Absolute Capital Management today said that Frank Siebrecht and Stefan Heieck have tendered their resignations as portfolio managers of the Absolute Germany Fund, effective immediately. The pair cited personal reasons for their departures.
The move comes on the heels of co-founder Florian Homm’s departure last month, which led to a flurry of investor redemption requests. ACM suspended redemptions on Sept. 20, two days after Homm’s departure, later announcing a planned reorganization of its funds that would allow investors access to some of their money.
As for the Germany Fund, in the interim it is being managed by Jens Peters and Antonio Porsia. Peters is currently a portfolio manager of the Absolute India Fund and Porsia is the lead portfolio manager of the Absolute Return Europe Fund and the Absolute Large Cap Fund.
The firm said it is reviewing the status of the Absolute Germany Fund and “expects to make further announcements shortly.” The fund is down an estimated –7.17% in September and up 1.81% for the year.
Other AMC funds that fared worse than the Germany fund last month include the Absolute Octane Fund, down 22.33% last month (-17.23% YTD), the Absolute European Catalyst Fund, down 21.6% last month (-13.9 YTD) and the Absolute Activist Value Fund, which dropped 20.43% last month (-13.39% YTD).
ACM told investors, in a letter dated today, that a variety of factors have hurt the funds in recent weeks. “Attacks by market participants on the funds’ known or suspected investment positions (both liquid and illiquid)” were “driving pricing of these assets down,” the letter said. It also blamed its own prime brokers, whose greater margin requirements forced the firm to sell assets at a steep discount.
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…