Tuesday, 30 September 2014
Last updated 53 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.
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...