Tuesday, 2 September 2014
Last updated 40 min ago
Feb 6 2014 | 1:12pm ET
Hedge fund Asian Century Quest Capital is shutting all but one of its hedge funds as its assets under management have dropped by 95% over the past two years.
Among the casualties is the New York-based firm's long/short equity fund. Only ACQ's long-only Equity Income Fund will survive, according to CNBC.
ACQ managed $1.74 billion in 2012, but is down to less than $100 million after a period of sub-par performance. ACQ's flagship rose just 5.5% last year, about half the return of the Dow Jones Asia/Pacific Total Stock Market Index.
ACQ founder Brian Kelly, formerly of Maverick Capital Management, has laid off all but nine of the 33 people who worked at the firm last year. Among the survivors are Paul Saferstein and Adam Wolfman, who had considered leaving ACQ to found their own firm.
Most of the money from the liquidating funds has already been returned to investors.
ACQ's flagship returned 76.6% to investors since its inception nine years ago.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...