Thursday, 2 October 2014
Last updated 46 min ago
Jan 27 2014 | 2:00pm ET
A hedge fund backed by China's sovereign-wealth fund has closed after the China Investment Corp. withdrew its investment.
PCA Investments shut its doors last week, according to The Wall Street Journal. CIC had been PCA's only major investor and had provided almost all of its roughly US$500 million in assets.
CIC, which has been reshuffling its management recently, decided to redeem from PCA due to a strategy change, Bloomberg News reports.
PCA, which was founded in 2011 by Platinum Grove Asset Management veteran Hang Hu and former Merrill Lynch executive Wing Lau, has posted positive returns in each of its three years, including double-digit gains in each of the last two.
PCA was based in Beijing and Hong Kong. At least five jobs have been lost at the latter site, although the fate of Hu and his Beijing-based staff is unclear, Bloomberg reports. Lau left the hedge fund last year.
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...