Saturday, 25 April 2015
Last updated 1 day ago
Jan 30 2014 | 10:40am ET
Three U.S. hedge funds have bolstered their staffs in London as they join the rush to buy assets from European banks forced to shed them.
Ellington Management Group opened its London office late last year, hiring Daniel Turner from Chenavari Credit Partners to lead it, Bloomberg News reports. MKP Capital Management added HSBC Holdings' Pritesh Solanki to its London office and has transferred trader Christopher Muller there, as well. And GoldenTree Asset Management has moved Cee Sarabi from New York to the British capital to seek opportunities on that continent.
Nor is the hiring done: Ellington, for one, hopes to recruit three more people for its London base.
"The big thing that engendered our push into Europe is that the volume of asset sales from European banks has finally picked up, and we expect that it will continue to increase," Laurence Penn, Ellington's vice chairman, told Bloomberg. "Some people got into this trade a few years ago, but they were too early."
European banks are selling off asset-backed securities and other credit assets as they struggle to comply with new regulations requiring higher capital ratios. Hedge funds and private-equity firms have been flocking to Europe—and London, particularly—to take advantage of the sales.
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…